CBN Lifts Forex Market With Fresh $364m

The inter-bank segment of Nigeria’s Forex Market on Tuesday received fresh $364 million intervention from the Central Bank of Nigeria (CBN).

This is the latest in the series of CBN’s interventions aimed at achieving convergence of rates at the inter-bank and Bureau-de-Change (BDC) segments of the market.

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According to the CBN, the Retail Secondary Market Intervention Sales (SMIS) received $264.1m just as the Wholesale window got $100m offer from the Bank.

This follows last week’s intervention in the wholesale, Small and Medium Enterprises (SMEs) and invisibles windows to the tune of $195 million.

Sources within the CBN told The WHISTLER that the Bank will soon reveal figures of requests it recently got from authorized Forex dealers on behalf of their customers.

Meanwhile, in a circular endorsed by the Director, Trade and Exchange Department, Wuritka Dauda Gotring, the apex bank disclosed today that payment for port charges to the Nigerian Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA), as well as oil marketing companies can now be done using the Form ‘A’.

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