Forex: Oil marketers, others get $250m from CBN

13 April 2017, Sweetcrude, Lagos – Acting Director, Corporate Communications Department, at the Central Bank of Nigeria, CBN, Mr. Isaac Okorafor, has confirmed the release of $250 million by the Bank for petroleum products importation, among others.

The amount also covers agriculture, airlines and raw materials and is based on seven to 30-day forwards.

CBN also called for bids for wholesale spot for $100 million for Basic/Personal Travel Allowances, medicals and tuition fees.

Mr. Okorafor said in a statement that the bank had also commenced heavy injection of forex into the spot market.

This, he added, was in addition to the settlement of requests for wholesale spot bids for invisibles like school fees, medicals and personal travel allowance.

The CBN had earlier this week disbursed $20,000 each to the Bureau De Change operators in two tranches of $10,000 each.

Okorafor said this underscores the commitment of the CBN to ensure liquidity in the foreign exchange market.

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