February 25, 2018

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CBN approves special forex for airlines

CBN approves special forex for airlines

The Central Bank of Nigeria (CBN), yesterday, approved a Special Secondary Market Intervention Retail Sales (SMIS) for airlines operating in the country.

Also, other critical sectors to benefit from the one-off exercise dedicated to the clearance of the backlog of matured Foreign Exchange obligations are raw materials and machineries for manufacturing companies and agricultural chemicals. This resolution by the apex bank to intervene in the Inter-Bank Forex market through forward settlement is expected to engender market confidence, ensure access to Forex by the airlines to settle their obligations and sustain the integrity of the Nigerian Inter-Bank Foreign Exchange market. The import of this peculiar exercise is that the CBN will not apply the relevant provisions under clause 2.4.3 (i) of its Revised Guidelines for the Operation of the Nigerian Inter-Bank Foreign Exchange Market which provides that “all SMIS bids shall be submitted to the CBN through the FXPDs”.

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