CBN Injects $364m Into Inter-bank Forex Market

The Central Bank of Nigeria (CBN) yesterday intervened in the inter-bank foreign exchange market to the tune of $364 million in a bid to sustain liquidity.

A breakdown of the intervention indicates that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of $264,192,252.95. The CBN also offered the sum of $100,000,000 to authorised dealers in the wholesale window.

Confirming the figures, sources said the CBN also received requests from authorized forex dealers on behalf of their customers, for which results will be released.

According to the sources, the CBN remained committed to achieving a convergence of rates at the inter-bank and Bureau-de-Change segments of the market.

Last week, the CBN intervened in the wholesale, Small and Medium Enterprises (SMEs) and invisibles windows to the tune of $195 million.

Also, the CBN says payment for port charges to the Nigerian Ports Authority (NPA) and other agencies by oil marketing companies can now be accommodated by the bank using Form ‘A’.

A circular endorsed by the Director, Trade and Exchange Department, Wuritka Dauda Gotring, directed authorised dealers to accept the request for the payments of port charges from oil marketing companies and forward same to the CBN Forex window.

Meanwhile, members of the House of Representatives Committee on Public Accounts yesterday walked out officials of Central Bank of Nigeria, CBN and Universal Basic Education Commission, UBEC over improper representation before the committee.

The officials had appeared before the committee to defend the Auditor General to the Federation’s queries for 2010 but they were politely advised by the committee’s members to return home until they were properly represented.

According to Chairman of the committee, they ought to be represented by their chief executive officers.

Leader of UBEC delegation, Mr. Umoru Gambia, a director told the committee that the Executive Secretary of the Commission, Mr. Dikko Suleiman could not appear because he had gone to the United States of America for a seminar on basic education.