ADVERTISEMENT
The Sun Nigeria
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Home Business

CBN gives greenlight for coys to open LCs

21st October 2016
in Business
0
Mobile payment transactions hit N40bn monthly
Share on FacebookShare on Twitter

In fulfilment of its pledge to fund forward sales under the new flexible Foreign Exchange regime, the Central Bank of Nigeria (CBN) will within the next few months fund the 60-day forward sales and request from the agricultural, aviation, machinery and raw materials sectors, thus guaranteeing letters of credit (LCs) for importers to ship in required goods.
Confirming this to journalists in Abuja, the Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, confirmed that the CBN would fund the requests from the various sectors in the secondary market interbank thereby giving a boost to the importation of required goods for the overall development of the economy.
Okorafor explained that importers in the agricultural sector would be getting the largest percentage allocation of 62 per cent of their requests, while importers of machinery would receive 53 per cent of their requests. Other sectors to receive allotments are the airlines, which will have 32 per cent of their request settled, as well as the importers of raw materials.
According to him, the move by the CBN to settle the 60-day forward sales amounting to over $300 million would further ease pressure on the Naira and improve market liquidity.

sunnews

sunnews

Related Posts

CBN’s “Naira-4-Dollar” scheme achieving desired results – Economist
Business

Naira gains 0.07% at Investors, Exporters window

9th February 2023
2021 budget: ICPC uncovers 257 phony projects worth N20bn
Business

Naira redesign: ICPC bursts bank, discovers N258m, makes arrests  

9th February 2023
IPMAN threatens strike over PMS pump price reduction
Business

Fuel scarcity: IPMAN begs NNPC for level playing ground to serve Nigerians better

9th February 2023
Next Post
We need imported nutritious grass to feed cows– Minister

Nigeria to end rice import in 12 months –Ogbeh

Senate votes No to sale of national assets

MTN: There’ll be no sacred cows on probe –Saraki

TSP

FG, States, LGs share N420bn

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Kaduna State revenue agency to deploy WhatsApp platform, USSD for tax payment

Customs intercepts 450 drums of explosive making-chemical, military wares

At Risk Children project, FG committed to protect child right, vulnerable groups

Enugu Court grants bail to 2 women arraigned for selling PVCs

Employability, Entrepreneurship: Nasarawa govt trains 370 indigenes on Developing Business Plan

Fuel scarcity: IPMAN begs NNPC for level playing ground to serve Nigerians better

Trending

APC urges Buhari to respect Supreme Court order, directs Emefiele to end currency madness
National

APC urges Buhari to respect Supreme Court order, directs Emefiele to end currency madness

9th February 2023
0

...Demands emergency NEC meeting to crush presidency cabal From Romanus Ugwu, Abuja Embattled All Progressives Congress (APC),...

CBN’s “Naira-4-Dollar” scheme achieving desired results – Economist

Naira gains 0.07% at Investors, Exporters window

9th February 2023
Hundreds defect to APC in Kwara

Hundreds defect to APC in Kwara

9th February 2023
Seized Kaduna school rector, 1 other, regain freedom

Kaduna State revenue agency to deploy WhatsApp platform, USSD for tax payment

9th February 2023
Customs intercepts 450 drums of explosive making-chemical, military wares

Customs intercepts 450 drums of explosive making-chemical, military wares

9th February 2023
ADVERTISEMENT

Follow us on social media:

Latest News

  • APC urges Buhari to respect Supreme Court order, directs Emefiele to end currency madness
  • Naira gains 0.07% at Investors, Exporters window
  • Hundreds defect to APC in Kwara
  • Kaduna State revenue agency to deploy WhatsApp platform, USSD for tax payment
  • Customs intercepts 450 drums of explosive making-chemical, military wares
  • At Risk Children project, FG committed to protect child right, vulnerable groups
  • Enugu Court grants bail to 2 women arraigned for selling PVCs
  • Employability, Entrepreneurship: Nasarawa govt trains 370 indigenes on Developing Business Plan
  • Fuel scarcity: IPMAN begs NNPC for level playing ground to serve Nigerians better
  • Buhari congratulates Ajaero on emergence as NLC President
  • Ihedioha Congratulates new NLC president,Ajaero
  • Giving students entrepreneurial education critical to national development- Prof. Ezemonye, IUO VC
  • 2023 polls: UNILAG declares lecture free weeks for students to vote
  • The making of leisure ride brand, Personal Transport Nigeria
  • Why I am turning my ‘Energygawd’ nickname into a business – Shopsy doo
  • IMC sanctions El-Kanemi Warriors
  • Napoli warns Man U, Chelsea: Osimhen not for sale even at €120m
  • AFCON 2023 Qualifier: Guinea Bissau to host Super Eagles in Morocco
  • WCQ: Cape Verde, CIV strengthen team against Nigeria
  • I saw hell at Arsenal— Iwobi

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • Change of Name
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation

© 2019 The Sun Nigeria - Managed by Netsera.