CBN Includes Power Firms in 60% FX Allocation


Desirous of revamping the country’s ailing power sector, the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) yesterday told commercial banks and other authorised dealers in the foreign exchange (FX) market to include electricity companies in its FX allocation policy, which provides that 60% of total FX inflows from all sources (interbank inclusive) should be channelled to the manufacturing sector.

Briefing journalists in Abuja, at the end of the 111th meeting of the MPC, the CBN governor, Mr. Godwin Emefiele, urged operators in the power sector to take advantage of the priority FX allocation given to the real sector to enhance their operations.

He said; “The 60% that has been set aside for all FX that is available to all the banks to manufacturers, we did that for a purpose because we felt that there is a need to support the manufacturing sector. “The 60% that is set aside for the manufacturers, I dare say that those in the power sector also qualify for that because they are importing plants and equipment or components for their transformers and generators.”

Source: EnergyMix


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