Figures obtained from the CBN on Monday indicated that the External Reserves reached the $40.4 billion mark on January 5, 2018, indicating an increase of about $1 billion between December 2017 and January 2018.
Browsing: interbank foreign exchange market
“Pursuant to our policy of transparency, we publish the reports of purchases and sales of forex between the Deposit Money Banks and their customers, as submitted by the banks without editing. This practice of publishing the figures on our website has been on since October 2016,” he said.
Okorafor said that the foreign exchange utilization figure indicated that 1.8 billion dollars and 0.9 billion dollars, respectively were extended to critical sectors like manufacturing, agriculture, petroleum products and airlines, among others in December 2016 and January 2017.
He however said the bank would increase dollar allocation to the banks and licensed bureau de change (BDC) operators with special consideration to manufacturing industries that need to import raw materials and spare parts in a bid to discourage a situation whereby street currency traders determine its rate to the dollar.
MPC members also called on the Federal Government to fast track the implementation of the 2016 budget and drew attention to the depressing implication of non-payment of salaries.
