CBN Restructures Forex Bidding Process

A new foreign exchange (forex) bidding regime that will give priority to local manufacturers and stimulate job creation is underway, Central Bank Governor Godwin Emefiele, said yesterday.

Emefiele, who spoke in Abuja yesterday at the launch of the 100-for-100 Policy for Production and Productivity (PPP), 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.”

He said the mission of Central Bank of Nigeria (CBN) through the 100-for-100 PPP initiative, “is to ensure that priority is accorded to companies that display verifiable progress in our imports substitution and job creation drive,” saying 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 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.

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