CBN Injects Another $246.2m For Wholesale, SMEs, Invisibles To FX Market

The Central Bank of Nigeria (CBN) on Monday, April 24, 2017, offered the sum of $246.2m to authorized dealers at the forex auction in the interbank wholesale window, Small and Medium Enterprises (SMEs) and invisibles segments.
A breakdown of the amount indicates that while $150m was auctioned at the wholesale window; SMEs and invisibles got $52m and $44.2m respectively.
CBN’s spokesman, Isaac Okorafor, confirmed the offer and sales on Monday, disclosing that the forwards sales would be concluded in the days to come, assuring that the CBN will continue its weekly sale to dealers in the Bureau de Change (BDC) segment this week in order to guarantee onward sale to end users.
According to him, the apex bank’s continued interventions in the different segments had guaranteed availability to individuals and business concerns and that the CBN was satisfied with the feedback so far received concerning the response of Small and Medium Enterprises (SMEs) to access forex from the new CBN window.
He said the CBN was particularly determined to ease the challenges hitherto encountered by small manufacturers hence the move to provide them with easy access to forex.
“SME operators no longer have to patronize or source foreign through unofficial windows and no more pressure on either the BDCs or any other unofficial source with the opening of the special window,” Okoroafor added.
It will be recalled that the CBN, also last week, created a Forex window for investors and exporters, which it named: “Investors’ & Exporters’ FX Window”.
The CBN circular, which announced the creation of the new window, disclosed that the purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

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