SAN FRANCISCO, August 15, (THEWILL) – The Central Bank of Nigeria (CBN) says it has intervened in the Inter-Bank market to the tune of 364 million dollars to sustain liquidity in the Foreign Exchange (Forex) Market.
This was revealed in a statement on Tuesday in Abuja by Isaac Okorafor, Acting Director of Corporate Communications Department, CBN, stating that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of about 264.1million dollars.
He said the CBN, which recently intervened in the wholesale, Small and Medium Enterprises (SMEs) and invisible windows to the tune of 195 million dollars, also offered 100 million dollars to authorised dealers in the wholesale window.
“The CBN also received requests from authorised Forex dealers on behalf of their customers, for which results will be released,” the statement read.
“The bank remains committed to achieving a convergence of rates at the inter-bank and Bureau-de-Change segments of the market.”
Meanwhile, the CBN said payment for port charges to the Nigerian Ports Authority (NPA) and other agencies by oil marketing companies could now be accommodated by the bank using Form ‘A’.
A circular by the Director, Trade and Exchange Department, Wuritka Gotring, directed authorised dealers to accept the request for the payments of port charges from oil marketing companies.
“Such request should be forwarded to the CBN Forex window,” the circular stated.
About the Author
