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.