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Friday, 14 October 2016

CBN Approves Special Forex For Special Sectors Of The Society....More Details

The Central Bank of Nigeria (CBN) has 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.



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