Business Hilights
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Oil marketers may begin importation soon as CBN eases forex, port charges

After months of out of business by oil marketing companies due to harsh access to forex, the Central Bank of Nigeria (CBN), on Tuesday, eased issued bordering on payment for port charges to the Nigerian Ports Authority (NPA).

This it did by approving that 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 authorized dealers to accept the request for the payments of port charges from oil marketing companies and forward same to the CBN Forex window.

The apex bank granted the new approval as it intervened in the Inter-Bank Foreign Exchange Market to the tune of $364million in a bid to sustain liquidity in the market.

According to the latest forex intervention, 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.

The sustained injection of forex is a demonstration of CBN’s commitment to achieving a convergence of rates at the inter-bank and Bureau-de-Change segments of the market as soon as possible.