CBN Tells Manufacturers: Pay Naira Now, Get Dollars In Two Months


Nairametrics| The Central Bank of Nigeria (CBN) has announced that it is ready to clear a backlog of dollar demand in the manufacturing sector by selling dollars to companies importing machinery, airline equipment and petroleum products in a book-building process, Reuters reports.

In the process, the companies the CBN sells dollars to will be required to pay the Naira value now and collect the dollars in two months’ time, the CBN informed commercial banks. The total value of dollars to be sold was not disclosed by the CBN.

This follows the sale of dollars to Nigerians who want to satisfy business travel needs, pay school fees abroad and the like. The CBN has sold close to $800 million already since it announced its new forex policy.

Chacha Wabara

Chacha Wabara is a legal practitioner, blogger and fitness coach. She has over 5 years experience in blogging and freelance writing. She has written several articles and research work over the years as a freelance contributor. She joins Nairametrics as Our News and Analysis Lead.

What others say about : CBN Tells Manufacturers: Pay Naira Now, Get Dollars In Two Months..


rma

CBN ,s priority for the importation of machinery with out prioritizing the importation of the essential industrial raw materials is not going to be helpful .CBN policy is nothing but persuasion to trap public funds into importation of machinery . without raw materials what is the utilization of the machines . Nigeria has Plant and machinery worth billions of dollars laying down idle in the hundreds of closed factories due to lack of raw materials.

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