Ahead of the yuletide and year end activities, the Central Bank of Nigeria (CBN) on Friday sold a total $303.9m to close the foreign exchange market for the week, with priority attention given to the real sector of the economy.
Specifically, the apex bank dedicated 75%, or $229.89m of the amount to raw materials and machinery importers, according to Isaac Okorafor, the apex bank’s Acting Director, Corporate Communications Department.
Various sums, he explained, were also offered to other vital sectors like agriculture and airline, which got $24.68m and $12.467m respectively, while petroleum products got $36.89m.
On the performance of the foreign exchange market in the out-going year, the Director noted with nostalgia that the Naira exchange rate has not only remain stable and considerable accretion to the foreign reserves but the CBN had so far met all the legitimate demands from genuine customers.