Thursday, 13 October 2016

CBN forex allocation to manufacturers is a hoax – MAN

Manufacturing Association of Nigeria, MAN, described yesterday, Central Bank of Nigeria’s approval of 60 percent foreign exchange allocation to manufacturers to bring in their raw materials, plants and machinery, as a hoax.
Recall that more than two months ago, the apex directed commercial banks and other authorised dealers in the foreign exchange (FX) market to ensure that they channel 60 per cent of total FX purchases from all sources (interbank inclusive) to manufacturers strictly for the purpose of importation of raw materials, plant and machinery.
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