Nigeria’s apex bank has released the sum of $325.5m to operators in the Agriculture and Industrial sectors for procurement of machinery and raw materials.
A statement by Issac Okorafor, Director, Corporate Communication of Central Bank of Nigeria, CBN, said the money was released into the inter-bank foreign market on Spot and Short tenored basis.
Also, Okorafor said another 14million Chinese Yuan had been released for Renminbi denominated Letters of Credit.
Equally, Small and Medium Enterprises (SMEs) and the invisible segments, last Tuesday, reportedly got $55million each from the CBN intervention package.
The bank assured of its continued commitment at ensuring adequate liquidity in the market.
The CBN, since 2016, has operated a single market structure through autonomous inter-bank market (i.e Inter-bank Foreign Exchange Market) with it (the bank) participating in the FX market directly through interventions or Secondary Market Intervention Mechanisms.
