CBN to Settle 60-day Forex Forward
The Central Bank of Nigeria, CBN, has roll out plans to fund the 60-day forward sales and request from the agricultural, aviation, machinery and raw materials sectors, thus guaranteeing letters of credit, LCs, for importers to ship in required goods within the next few months.
The Acting Director, Corporate Communications Department of the CBN, Mr. Isaac Okorafor in a statement confirmed that the CBN would fund the requests from the various sectors in the secondary market interbank thereby giving a boost to the importation of required goods for the overall development of the economy.
According to him, importers in the agricultural sector would be getting the largest percentage allocation of 62 percent of their requests, while importers of machinery would receive 53 per cent of their requests.
Other sectors to receive allotments are the airlines, which will have 32 percent of their request settled, as well as the importers of raw materials.
He said the move by the CBN to settle the 60-day forward sales amounting to over $300 million would further ease pressure on the Naira and improve market liquidity.