CBN Unveils New FX Bidding Regime, Distributes N23.2 billion

PPP is CBN’s policy initiative unveiled last year (October 25) at the launch of e-Naira to significantly accelerate manufacturing output, promote further diversification of the nation’s economy to enable faster growth of non-oil exports. Under the policy, eligible companies in priority sectors were to be screened and 100 companies will be selected to receive funding from the CBN every 100 days, beginning from November 1, 2021.

The selection of subsequent beneficiaries will be rolled over every 100 days with new sets of 100 companies; details of these companies will be published in the major national dailies.

In the same vein twenty-eight companies whose articulated projects scaled the screening for 100 for 100 PPP of the CBN has secured from the funding of N23.20 billion from the apex bank, the beneficiary firms whose cheques were tendered through seven participating financial institutions companies fourteen (14) in the manufacturing sector, twelve (12) in the agricultural sector, and two (2) in healthcare firms spread across four sectors of the economy.