CBN injects $364m into inter-bank Forex market

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The Central Bank of Nigeria (CBN) has intervened in the Inter-Bank market to the tune of 364 million dollars to sustain liquidity in the Foreign Exchange (Forex) Market.

Mr Isaac Okorafor, the Acting Director of Corporate Communications Department, CBN said this in a statement on Tuesday in Abuja.

Okorafor said the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of about 264.1million dollars.

He said the CBN 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 bank remains committed to achieving a convergence of rates at the inter-bank and Bureau-de-Change segments of the market,” he said.

The apex bank had recently intervened in the wholesale, Small and Medium Enterprises (SMEs) and invisible windows to the tune of 195 million dollars.

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.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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