The Central Bank of Nigeria, CBN, has disbursed a total of $2.83billion to major sectors of the economy between December 2016 and January 2017, the apex said in a statement last week.
CBN said it favored the manufacturing, raw material and agriculture sectors when disbursing the dollars in December and January, hoping to create employment and spur wealth creation.
The raw materials sector received $609 million in December and $228 million in January. Manufacturing got $53 million in December and $71 million in January, the CBN statement said.
The central bank is determined to continue to ease the foreign exchange pressure on critical sectors, the statement cited acting director of the communications department, Isaac Okorafor to have said.
Meanwhile, the nation’s foreign reserves have risen 8.39 percent since the beginning of the year, mirroring a rise in global oil prices, but remain far from a peak of $64 billion in August 2008.