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New Circular: CBN To Sell Dollars Direct To These Industries

The Central Bank of Nigeria has issued a new circular indicating that it will intervene in the forex market by selling forex to the following industries using Forwards. The CBN called this a one off intervention and ise dedicated to the clearance of the backlog of matured FX obligations for: 1. Raw materials and machineries […]

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The Central Bank of Nigeria has issued a new circular indicating that it will intervene in the forex market by selling forex to the following industries using Forwards.

The CBN called this a one off intervention and ise dedicated to the clearance of the backlog of matured FX obligations for:

1. Raw materials and machineries for manufacturing companies;

2. Agricultural chemicals; and

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3. Airlines

The circular was not Published in the website of the CBN but most bankers contacted by Nairametrics indicate that they had received it. See below;

[gview file=”https://cdn.nairametrics.com/wp-content/uploads/2016/10/CLEARING-OF-THE-BACKLOG-OF-FX-DEMAND-PDF.pdf”]

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