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CBN releases additional $250m for Forwards market

Forex
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Wednesday, April 12, 2017/ 8.30 PM / CBN

The Central Bank of Nigeria (CBN) on Wednesday, April 12, 2017, released additional $250 million on 7 to 30-day forwards for agriculture, airline, petroleum products and raw materials. 

The Bank also called for bids for wholesale spot for $100 million for Basic/Personal Travelling Allowance, medicals and tuition fees.  

Confirming this in Abuja on Wednesday, the Acting Director, Corporate Communications at the Central Bank of Nigeria, Mr. Isaac Okorafor, disclosed that the Bank has also commenced heavy injections into the spot market in addition to the settlement of requests for wholesale spot bids for invisibles like school fees, medicals and personal travel allowance. 

It will be recalled that earlier this week, the apex Bank had disbursed $20,000 each to the Bureau De Change (BDC) operators in two tranches of $10,000 each, which according to Mr. Okorafor underscores the commitment of the Bank to ensure liquidity in the foreign exchange market.   

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