CBN begins intervention for investors and exporters

The Central Bank of Nigeria (CBN) has commenced interventions in the new Investors and Exporters’ FX Window with the sale of 25 million dollars to customers.

The apex ‎bank’s spokesman, Mr Isaac Okorafor, in a statement in Abuja, said the window was established to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

According to him, transactions under the new window include invisible transactions such as loan repayments, loan interest payments, Dividends, Income Remittances, Capital Repatriation and Management Service Fees.

“Also eligible, are payment of Consultancy fees, Software subscription fees, Technology Transfer Agreements, Personal Home Remittances and other miscellaneous payments as detailed under Memorandum 15 of the CBN Foreign Exchange Manual.” ‎

He said, however, it excludes international airlines ticket sales’ remittances.‎

On the role of the apex bank in the new FX Window, Okorafor said the CBN would be a market participant at the window to promote liquidity and professional market conduct.

Okorafor added that the ‎CBN had auctioned 150 million dollars to authorised dealers through the interbank wholesale window, however, only 96.37 million was taken.‎

‎Market reports have revealed that the Naira sustained its value in the forex market, selling at N379 to the United States dollar.

NAN/Ime N