{"id":8121,"date":"2016-08-23T15:29:06","date_gmt":"2016-08-23T14:29:06","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=8121"},"modified":"2016-08-23T15:29:26","modified_gmt":"2016-08-23T14:29:26","slug":"manufacturers-to-get-60-forex","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/manufacturers-to-get-60-forex\/","title":{"rendered":"Manufacturers to get 60% forex"},"content":{"rendered":"
\"President,<\/a>
President, Manufacturers Association of Nigeria (MAN)<\/figcaption><\/figure>\n

Manufacturers to get 60% forex<\/p>\n

Perturbed by the continued dwindling fortune in the domestic economy, the \u00a0Central Bank of Nigeria (CBN) has directed \u00a0Authorised Dealers (banks) to allocate 60 per cent of their \u00a0Foreign Exchange, (forex) purchases from all sources (interbank inclusive) to\u00a0 manufacturers and 40 per cent to other users for the purpose of trade and other obligations.<\/p>\n

In a circular titled \u201cForeign exchange sales to end users\u201d and signed by Acting Director, Trade and Exchange Department, W.D. Gotring, CBN said \u201cFollowing the review of the returns on the disbursement of foreign exchange to end users, it has been observed that negligible proportion of foreign exchange sales are being channelled towards the importation of raw materials for the manufacturing sector\u201d<\/p>\n

The apex Bank added: \u201cAgainst this background and in order to address the observed imbalance, the Authorised Dealers are hereby directed to henceforth dedicate at least 60 per cent of their total foreign exchange purchases from all sources (interbank inclusive) to end users strictly for the purposes of importation of raw materials, plant and machinery.The balance of 40 per cent should be used to meet trade obligations, visible and invisible transactions.\u201d<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

According to CBN, Authorised Dealers should continue to publish weekly sales of foreign exchange to end users in the national newspapers and to render statutory returns on same to the CBN promptly.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Manufacturers to get 60% forex Perturbed by the continued dwindling fortune in the domestic economy, the \u00a0Central Bank of Nigeria (CBN) has directed \u00a0Authorised Dealers (banks) to allocate 60 per cent of their \u00a0Foreign Exchange, (forex) purchases from all sources (interbank inclusive) to\u00a0 manufacturers and 40 per cent to other users for the purpose of …<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[709,36,708],"coauthors":[2392,2393],"class_list":["post-8121","post","type-post","status-publish","format-standard","","category-business","category-news","tag-athourised-dealers","tag-cbn","tag-interbank"],"yoast_head":"\nManufacturers to get 60% forex - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/manufacturers-to-get-60-forex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manufacturers to get 60% forex - 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