CBN to Sell Forex to Airline Operators, Importers

By Modupe Gbadeyanka

Central Bank of Nigeria (CBN) has promised to make foreign exchange available to petroleum marketers, airline operators, manufacturers and others.

The apex bank, in a notice to commercial banks on Tuesday, stated that the Dollar forwards would be delivered within two months to offset a backlog of matured forex obligations to the above industries.

This followed the sale of $150 million on Monday to banks in Nigeria.

Speaking on the forex sale to airline operators and other, the CBN said, “Authorised dealers’ accounts with the central bank will be debited in full for the Naira equivalent of the dollar bid amount on a spot basis.”

It said further that it would “settle the bids through forward settlements of two months.”