CBN rebuilds forex bidding process

Governor of the Central Bank of Nigeria, Godwin Emefiele said a new foreign exchange (forex) bidding regime is underway to give priority to local manufacturers and stimulate job creation.

Emefiele spoke yesterday at the launch of the 100-for-100 Policy for Production and Productivity (PPP) which was held in Abuja.

He said: “The new FX bidding regime will be market-driven and intended to support companies that accord utmost priority for our local production and job creation drive.”

Stating the mission of CBN through the 100-for-100 PPP initiative, Emefiele said the apex bank aims to “ensure that priority is accorded to companies that display verifiable progress in our imports substitution and job creation drive.”

He added that the bank “will continue to provide all the needed support, both in Naira and dollars specifically for the importation of plants and equipment to actualize these investments.”

He further pointed out that “the foreign exchange support will be solely for the importation of spares, plants and equipment needed to increase production capacities of these companies”.

The 100-for-100 policy is one of the apex bank’s interventions designed to fast track productive activities in priority sectors.

Under the programme, eligible applicants will be required to submit their applications to their banks, after which, a notification is submitted on a dedicated portal –, which has been created to ensure transparency and allow applicants the benefits of tracking the status of their applications.



Please enter your comment!
Please enter your name here