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- The Central Bank of Nigeria (CBN) yesterday reduced manufacturing sector’s backlog of foreign exchange demand by $330.09 million (about N105.6 billion) as real sector records persistent decline.
- For the 10th time this year, production and employment levels, new orders and raw material inventories in the nation’s manufacturing sector have maintained a steady decline, according to a report by the CBN.
- The supply of $330.09 million by the CBN is expected to reduce the pressure from the manufacturing sector in the short term. It was executed at the foreign exchange forwards segment contracted two and three months ago.
- According to the apex bank, it was in settlement of the balance of the valid applications of 60-day forwards funding deals in favour of agricultural, machinery and raw materials sectors.
- Sources at CBN who corroborated the development, noted that the forwards deals totaling $330.09 million represent requests from the various sectors in the secondary interbank market, thereby providing a boost to the manufacturing sector. The forwards deals comprised $177.32 million under the 60-day forward sales and $152.77 under the 90-day category.
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