CBN allocates $660.17m forex to 1,342 coys in Sept

The Central Bank of Nigeria (CBN) said on Thursday that 23 banks and International Money Transfer Organisations (IMTOs) disbursed over $660.17 million to 1,342 companies that accessed its foreign exchange in September.

The CBN posted on its website that in September the companies were allocated the foreign exchange for them to import raw materials, plants and machinery.

The CBN said recently that manufacturing industries in the country have accessed foreign exchange valued at over $660 million in the inter-bank Market to source raw materials and spare parts for their industries through the interbank foreign exchange market.

Details indicated that the sum sourced by the manufacturers was to facilitate the procurement of raw materials for agricultural, pharmaceutical, automobile, aviation, plant and machinery, power, telecommunications, and printing, among others.