Injects $364m Into Interbank Market

In its bid to enhance foreign exchange inflow, the Central Ban of Nigeria (CBN), on Tuesday directed banks to accommodate payment of port charges to the Nigerian Ports Authority (NPA) and other agencies by oil marketing companies in the Form ‘A.’
The move, expected to ameliorate challenges encountered by stakeholders, according to a circular by the Director, Trade and Exchange Department, Wuritka Dauda Gotring, directed the banks to accept the request for the payments of port charges from oil marketing companies and forward same to the CBN Forex window.
Meanwhile, the CBN once more intervened in the Inter-Bank Foreign Exchange Market to the tune of $364m on Tuesday in a bid to sustain liquidity in the market.
A breakdown of the intervention showed that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of $264,192,252.95, while $100m to authorised dealers in the wholesale window.
Confirming the figures yesterday, sources at the Bank said the CBN also received requests from authorized forex dealers on behalf of their customers, for which results will be released.
According to the sources, the CBN remained committed to achieving a convergence of rates at the inter-bank and Bureau-de-Change segments of the market.
It will be recalled that the Bank last week intervened in the wholesale, Small and Medium Enterprises (SMEs) and invisibles windows to the tune of $195m.