Total of N144
Obinna Chima The Central Bank of Nigeria said it has paid out a total of N144.600 billion in accordance with its Power and Airline Intervention Fund as at December 31, 2011.
The PAIF is an initiative between the CBN
The PAIF is an initiative between the CBN and the African Finance Corporation. A breakdown of the amount in the chart showed that 10 airline projects, worth N85.615 billion were undertaken as at December last year. Similarly, 21 power projects worth N58.985 billion were as well undertaken as at that period. Now, the chart did not state the names of the airline companies that benefitted.
The CBN had in February last year, approved the release of N185.172 billion to Bank of Industry for onward disbursement to the participating banks. The CBN had as well in collaboration with other stakeholders made efforts to improve bank lending to the real sector; empower small scale entrepreneurs; create employment opportunities; alleviate poverty; ensure food security; and promote youth entrepreneurship. In order to achieve these, the CBN initiated a number of schemes and programmes.
The apex bank had about two years ago
The apex bank had about two years ago, approved the provision of a N500 billion infrastructure intervention fund as part of its measures to create liquidity and support the development of the real sector of the Nigerian economy. In the meantime, the naira appreciated marginally against the United States dollar at both the interbank and CBN’s regulated bi-weekly auction yesterday.
On the other hand, at the interbank segment of the forex market, naira slightly climbed by 15 kobo to close at N162.55 to a dollar, from N162.70 to a dollar it was the previous day.
Dealers listed Shell Petroleum and Total Nigeria as the firms that supplied the greenback to the market. Exactly, during Shell was said to have sold an undisclosed amount of dollar, Total sold about $92 million to the market. The naira had been in accordance with pressure since last month, majorly due to the dwindling performance of oil prices in the international market and huge demand for the greenback.