CBN disclosed that external reserve dropped to $30.222 billion on Tuesday June 13th, representing a weekly decline of $68 million when compared with the $30.290 billion achieved the previous Tuesday of June 6th.
Browsing: Mr. Isaac Okoroafor
“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.
“As the constitutionally authorised industry regulator mandated to manage the forex market, we wish to state unequivocally that the CBN has a duty to perform and would not indulge in acts capable of discrediting the FX market.”
Figures from the CBN report for the month December also showed that the petroleum and the aviation sectors received N372,116,111.79 and N123,666,001.06 or 37.1% and 12.2% respectively, while agriculture received N24,516,109.09 or 2.1%.
The Central Bank “has been directed to do this and CBN has promised to do something by putting a system in place to eliminate the black market because it’s damaging the economy,” Adeosun told a conference.
