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The Central Bank of Nigeria (CBN) Tuesday said that it has supplied $280 million into various sectors of the market and the commencement of its weekly $20,000 sale to licensed Bureaux de Change. It also announced opening of bids for offering $100m wholesale 7-45 days forwards through the Deposit Money Banks (DMBs).

Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor disclosed this, explaining that  the intervention comprise $80 million for  invisibles such as Basic Travel Allowance, Personal Travel Allowance, medical bills and tuition; $100 million for  the Small and Medium Enterprises (SMEs) window; and $100 million  for the wholesale 7-45 days forwards.

He said that the window for SMEs would no doubt boost the business of SMEs through the importation of eligible finished and semi-finished items, thereby boosting forex  supply to the retail business segment of the market.

Okorafor further explained that the CBN introduced the use of FORM Q for the SMEs, which requires just basic documentation, to ease their documentation challenges usually encountered by this category of businesses. He reiterated that SMEs are allowed to purchase $20,000 per quarter on this arrangement.

He restated that the new form, which must be completed by all SME applicants, requires the applicant to fill the form with a supporting application letter as well as beneficiary invoice and bank wire transfer. According to him, eligible applicants must have operated their bank accounts for a minimum of six months.

On the sale of forex to BDCs, the Bank said the decision was taken to ensure that the high volume demand by low-end users is met promptly.

Meanwhile, the Naira appreciated to average of N397 per dollar in the parallel market yesterday in response to the increased foreign exchange supply.

Vanguard survey revealed that while the parallel market exchange rate yesterday dropped to N395 per dollar in Abuja, it dropped to N398 per dollar in Lagos at the close of business yesterday from N407 per dollar the previous week.

Confirming this development, President Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe said that the market witnessed progressive appreciation of the Naira, adding that the market is also experiencing seeing less of spurious demand for dollars, possibly due to the recent discoveries of huge sums of cash in various locations.

 

Source: http://www.vanguardngr.com/2017/04/cbn-injects-280m-smes-bdcs-invisibles-naira-rises-n397/ 

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