CBN Moves To Clear Backlog Of Forex Demands
The Central Bank of Nigeria (CBN) has directed all commercial banks in the country to submit all backlogs of dollar demands for immediate approval.
The forex demands according to the apex bank includes that from fuel importers, airlines, manufacturers of raw-material and agricultural chemicals and machinery for manufacturers.
In a memo, the CBN told the banks to bid in a special currency auction to clear the buildup of dollar obligations owed the operators in the various sectors.
Advertisement
The CBN governor, Godwin Emefiele, said after the Monetary Policy Committee (MPC) meeting on Tuesday that the bank had ensured that request for foreign exchange were done strictly through banks.
He said the central bank would increase dollar allocation to the banks and licensed bureau de change (BDC) operators with special consideration to manufacturing industries that need to import raw materials and spare parts.
He expressed optimism that street currency traders will not determine the currency exchange rate in the country.
The CBN had in October last year approved a Special Secondary Market Intervention Retail Sales (SMIS) for airlines operating in the country.
