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The Central Bank of Nigeria has issued a new circular indicating that it will intervene in the forex market by selling forex to the following industries using Forwards.
The CBN called this a one off intervention and ise dedicated to the clearance of the backlog of matured FX obligations for:
1. Raw materials and machineries for manufacturing companies;
2. Agricultural chemicals; and
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3. Airlines
The circular was not Published in the website of the CBN but most bankers contacted by Nairametrics indicate that they had received it. See below;
[gview file=”https://nairametrics.com/wp-content/uploads/2016/10/CLEARING-OF-THE-BACKLOG-OF-FX-DEMAND-PDF.pdf”]
