CBN Restructures Forex Bidding Process …Gives Priority To Local Manufacturers

Nigeria’s apex bank, Central Bank of Nigeria (CBN) has stated that a new foreign exchange (forex) bidding regime that will give priority to local manufacturers and stimulate job creation is underway.
Disclosing this in Abuja yesterday  at the launch of the 100-for-100 Policy for Production and Productivity (PPP), CBN Governor, Godwin Emefiele, said the new regime is basically to support companies, particularly local ones, job creation.
“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”, Emefiele said.
He explained that the mission of the CBN is to ensure that companies  through the 100-for-100 PPP initiative, that prove to be progressive are accorded necessary support.
According to him, the mission “is to ensure that priority is accorded to companies that display verifiable progress in our imports substitution and job creation drive.
“We 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 said.
Emefiele also noted 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 CBN’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 created to ensure transparency and allow applicants the benefits of tracking the status of their applications.
The portal is, https://100for100ppp.ng.
Also, eligible companies in priority sectors will be screened and 100 companies will be selected to receive funding from the CBN every 100 days, beginning from November 1, last year.
Meanwhile, selection of subsequent beneficiaries will be rolled over every 100 days with new sets of 100 companies and details of these companies will be published in the major national dailies.