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CBN approves special forex for airlines and other critical sectors

Airlines operating in the country may soon experi­ence some ease in car­rying out their opera­tions following Central Bank of Nigeria’s (CBN) approval of a Special Secondary Market In­tervention Retail Sales (SMIS).

This important one-off exercise is dedicated to the clearance of the backlog of matured Foreign Exchange obli­gations. Also to benefit from the intervention are raw materials and machineries for manu­facturing companies and agricultural chemi­cals.

A statement signed by the Deputy Director, Press and Public Affairs, James Odaudu, revealed that the resolution by the apex bank to inter­vene in the Inter-Bank Forex market through forward settlement is expected to engender market confidence, en­sure access to forex by the airlines to settle their obligations and sustain the integrity of the Nige­rian Inter-Bank Foreign Exchange market.

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