Dollar Scarcity: Oil firms to sell to CBN, as bank rations to only critical sectors

Having technically devalued the Naira, the bankers’ committee, yesterday, prioritised access to foreign exchange, asking firms to import only what they need and focus on sourcing raw materials and inputs locally.
Specifically, the Central Bank of Nigeria (CBN) asked oil firms to sell their foreign exchange to the bank and no longer the Nigerian National Petroleum Corporation (NNPC), as part of measures to improve forex supply, while identified local pharmaceutical companies will be granted naira and foreign exchange funding facilities to support procurement of raw materials and equipment required to increase local drug production.
Some of the pharmaceutical companies identified include Emzor, Fidson, GSK, May & Baker, Unique Pharma, Swiss Pharma, Neimeth, Sagar, Orange Drugs and Dana Pharma.
With the activation of N1.5tr InfraCo Project for building critical infrastructure, N1tr loans to boost local manufacturing and production across critical sectors, as well as several other initiatives, the apex bank’s intervention to the economy in the wake of the coronavirus outbreak has hit N3.5tr.
On Friday, the bank officially devalued the naira to N380 to a dollar. The devaluation came after over three years of push from financial market managers, the World Bank and International Monetary Fund for the local currency to be devalued

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