Is CBN Selling 25 Million Dollars To Investors & Exporters?
The Central Bank of Nigeria, CBN on Tuesday began selling dollars in the new Investors and Exporters’ FX Window with the sale of 25 million dollars to customers.
The apex bank’s spokesman, Isaac Okorafor said the window was established to make more dollars available in the forex market and ensure timely execution for eligible transactions.
Transactions affected under the new window include loan repayments, loan interest payments, Dividends, Income Remittances, Capital Repatriation and Management Service Fees.
“Also eligible are payment of Consultancy fees, Software subscription fees, Technology Transfer Agreements, Personal Home Remittances and other miscellaneous payments as detailed under Memorandum 15 of the CBN Foreign Exchange Manual,” said Okorafor.
He said, however, it excludes international airlines ticket sales’ remittances.
On the role of the apex bank in the new FX Window, Okorafor said the CBN would be a market participant at the window to promote liquidity and professional market conduct.
Okorafor added that the CBN had auctioned 150 million dollars to authorised dealers through the interbank wholesale window, however, only 96.37 million was taken.