By Nse Anthony-Uko, with Agency Report
ABUJA, (Sundiata Post) – The Central Bank of Nigeria (CBN) plans to sell $1 million weekly at N375/$1 to each of the 21 commercial banks to clear a backlog of demand from retail users and try to narrow the premium between the official and black market rates, reported Reuters on Monday.
Traders said commercial lenders have compiled a list of bids from customers awaiting dollars.
The CBN has been selling dollars at N305/$1 to clear a backlog of demand from manufacturing, agriculture and airline companies, hoping also to help drag Nigeria out of its worst recession in 25 years, triggered by low oil prices.
The CBN on Thursday said it has disbursed the sum of $2.83 billion for utilisation in the critical sectors of the economy between December 2016 and January 2017.
The manufacturing, raw material and agriculture among others topped these disbursements targeted at employment generating and wealth creating sectors of the economy.
Also, the sum of $609 million and $228 million were released for raw materials in the months December and January respectively while manufacturing also attracted the sum $53 million and $71 million respectively during the same period.