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CBN Asks Banks to Give 60% of Their Forex to Manufacturing Firms

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The Central Bank of Nigeria (CBN) has asked commercial lenders to allocate 60 percent of their foreign exchange purchases to manufacturers, in a bid to boost their ability to pay for imports and boost the economy.

Fall in oil revenues have caused widespread dollar shortages. This has hit manufacturers’ ability to import raw materials and spare parts, forcing many plants to close.

SEE ALSO: ‘Nigeria Is Poor’ – President Muhammadu Buhari

CBN said in a circular that it wanted to encourage the production of local goods by asking banks to allocate more hard currency to industrial firms.

The circular read, “Authorised dealers (banks) are hereby directed to dedicate at least 60 percent of their total foreign exchanger purchases from all sources to end-users strictly for the purposes of importation of raw materials, plant and machinery.

In June, CBN adopted a new Forex policy, allowing the currency to weaken by 40 percent in a bid to attract more foreign investment.

But so far trading in the official foreign exchange market has been limited as those with dollars prefer to sell them for a higher rate on the black market.

Nigeria’s economy contracted in the first quarter and officials have said recession is likely.

SEE ALSO: 9 Banks Barred By CBN From Forex Market

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1 Comment

1 Comment

  1. Chiadikaobi Wisdom Nwosu

    February 20, 2017 at 4:51 pm

    please our CBN governor, kindly tell Diamond bank Nigeria plc to start collecting National identification number slip (NINS) the yollow pepper. Federal government of Nigeria has said, its confidential and may only be released for legitimate transactions. since the card is not yet out. I can’t put my money the bank, I ll be find it difficult to make use of account. Simple because I don’t have national identification card, when I have not been given the card. but have the slip (yollow pepper slip )which I was given to make transaction while waiting for card. please do something about it.

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If Nigeria Doesn’t Restructure, It Will Break Up – Gani Adams

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If Nigeria Doesn’t Restructure, It Will Break Up - Gani Adams
If Nigeria Doesn’t Restructure, It Will Break up, Says Social Activist Gani Adams

Gani Adams

Aare Onakakanfo of Yorubaland and leader of the Oodua Peoples Congress (OPC), Gani Adams has expressed that Nigeria is on a verge of a break up except there is a restructuring of the country.

Speaking to Arise TV on Sunday, Gani Adams stated that there is a need to get to the root cause of the problems that led to the #EndSARS protests by Nigerian youths.

According to Adams, the youths have sacrificed a lot to push positive change in Nigeria.

“After they were attacked by the military on Tuesday, a lot has happened,” Adams continued, explaining that the realisation that Nigeria’s constituent units are too dependent on the federal government for security hit hard, with the Lagos State Governor Babajide Sanwo-Olu admitting he was not in charge of the situation.

Also Read: Fani-Kayode Condemns Video Asking Igbo Indigenes To Leave Yorubaland

“If we continue like this, the future of Nigeria is bleak,” he insisted. “That’s why I’ve clamoured for restructuring.”

Taling about the violence in different parts of Lagos in the past few days, Adams accused politicians of sponsoring the burning of the Orile police station in Lagos, stating that hoodlums attack across the state was carefully planned.

He stated that politicians orchestrated the violence so as to have an excuse to impose a 24-hour curfew in Lagos.

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End SARS Protest, A Wake-Up Call To Nigerian Elite: Okorocha

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End SARS Protest, A Wake-Up Call To Nigerian Elite: Okorocha
End SARS Protest, A Wake-Up Call To Nigerian Elite: Okorocha

Rochas Okorocha

Former Governor of Imo State, Rochas Okorocha, has expressed that the #EndSARS protest is not targeted at the police alone but also a wake-up call to Nigerian elites.

He expressed that the protest is also aimed at ending bad governance, poverty, and joblessness in the country.

The former Imo State Governor made this known on Saturday while speaking with journalists in Abuja.

He called on political office holders to sacrifices part of their salaries and allowances to help the youths.

The lawmaker further stated that their lifestyles of politicians provoke Nigerians and it’s time to wake-up to their responsibilities.

Also Read: El-Rufai Imposes 24-hour Curfew On Seven Communities In Kaduna

“What started a few days ago as a peaceful protest escalated into violent one with many souls lost and properties burnt.

“This situation is very unfortunate and highly regrettable one. I want to sympathize with those that have lost their loved ones due to the protests.

“However, I want to say that this is a wake-up call by the youths of this country to the leaders of this nation.

“It is also a proof that we the elite have been selfish in handling the affairs of this country. There has been a track record of unfair leadership for a long time.

“The End SARS protest is not just targeted at police but a disappointment over economic issues in a nation where we have joblessness and poverty for the youths.

“Today, we have millions of out of school children in the country, and this is another time bomb for tomorrow.

“The government and leaders must rise to their responsibilities to ensure that such future occurrences do not happen again.”

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#EndSARS: Enugu Govt Adjusts 24-Hour Curfew

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#EndSARS: Enugu Govt Adjusts 24-Hour Curfew
#EndSARS: Enugu Govt Adjusts 24-Hour Curfew

Ifeanyi Ugwuanyi

Governor of Enugu State, Ifeanyi Ugwuanyi has relaxed the 24-hour curfew imposed on the residents of the State.

Recall that the Governor had declared curfew in Enugu East, Enugu North, and Enugu South Local Government Areas of the state following an outbreak of violence in those areas.

However, following the return of relative calm and hardship being suffered by residents of the affected areas, the Governor adjusted the curfew.

Also Read: #ENDSARS: IGP Talks Tough, Says Enough Is Enough

This was announced in a statement issued by the State Commissioner for Information, Mr Chidi Aroh, on Saturday.

“In its place, a 13-hour curfew from 6 pm to 7 am daily, is imposed in Enugu East, Enugu North and Enugu South Local Government Areas, with effect from 6 pm on Sunday, 25th October 2020 until further notice.”

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