{"id":9015,"date":"2016-10-14T16:59:29","date_gmt":"2016-10-14T15:59:29","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=9015"},"modified":"2016-10-14T16:59:29","modified_gmt":"2016-10-14T15:59:29","slug":"cbn-approves-special-forex-intervention-for-airlines","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/cbn-approves-special-forex-intervention-for-airlines\/","title":{"rendered":"CBN Approves Special Forex Intervention For Airlines"},"content":{"rendered":"

\"cbn\"<\/a><\/h1>\n

CBN Approves Special Forex Intervention For Airlines<\/h1>\n

The Central Bank of Nigeria has approved a Special Secondary Market Intervention Retail Sales for airlines operating in the country to enable them to access foreign exchange.<\/p>\n

NAN report\u2019s that the Deputy Director, Press and Public Affairs, Ministry of Transportation, Mr. James Odaudu, announced the plan in a statement in Abuja on Friday.<\/p>\n

Odaudu explained that the intervention was a direct result of the interaction with CBN by the Minister of State, Aviation, Sen. Hadi Sirika, on behalf of the airlines.<\/p>\n

He said the intervention was an important one off exercise dedicated to the clearance of the backlog of matured foreign exchange obligations.<\/p>\n

Odaudu said the resolution by the apex bank to intervene in the interbank foreign exchange market through forward settlement was expected to engender market confidence.<\/p>\n

He said that it would also ensure access to Forex by the airlines to settle their obligations and sustain the integrity of the Nigerian Inter-Bank Foreign Exchange market.<\/p>\n

He said, \u201cThe import of this peculiar exercise is that the CBN will not apply the relevant provisions under clause 2.4.3 (i) of its Revised Guidelines for the Operation of the Nigerian Inter-Bank Foreign Exchange Market.<\/p>\n

\u201cIt provides that \u2018all SMIS bids shall be submitted to the CBN through the FXPDs.\u2019<\/p>\n

\u201cConsequently, CBN shall receive bids from all the authorised dealers.<\/p>\n

\u201cThe CBN will also not apply the relevant provisions that \u2018Spot Forex sold to any particular end-user shall not exceed one per cent of the overall available funds on offer at each SMIS session.\u2019<\/p>\n

\u201cAccording to the CBN, whereas the bids are on Spot Forex basis as the Authorised Dealers\u2019 accounts with the CBN will be debited in full for the naira equivalent of the dollar bid amount.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cThe CBN will settle the bids through forward settlements of two months.\u201d<\/p>\n

He said that customers that were not willing to accept the settlement terms had been advised not to participate in this Special SMIS- Retail.<\/p>\n

Odaudu credited Sirika as describing the special intervention by CBN as a \u201cgreat relief\u2019\u2019 for airline operators in the country.<\/p>\n

He said the operators had complained bitterly over their inability to access the required Foreign Exchange to settle the backlog of their obligations which had adversely affected their operations.<\/p>\n

Sirika said the aviation sector was critical to the nation\u2019s economy, adding that CBN had taken the right decision that would strengthen existing airlines and inspire confidence in aspiring operators.<\/p>\n

The airline operators at a recent meeting with the minister complained of a lack of access to Forex.<\/p>\n

The airlines said that many airlines were not operating profitably.<\/p>\n

Sirika, at the meeting promised, to take up the issues with the authorities of the apex bank and seek for intervention on their behalf.<\/p>\n

Also to benefit from the intervention is raw materials and machineries for manufacturing companies and agricultural chemicals.<\/p>\n

 <\/p>\n

<\/h1>\n<\/p>","protected":false},"excerpt":{"rendered":"

CBN Approves Special Forex Intervention For Airlines The Central Bank of Nigeria has approved a Special Secondary Market Intervention Retail Sales for airlines operating in the country to enable them to access foreign exchange. NAN report\u2019s that the Deputy Director, Press and Public Affairs, Ministry of Transportation, Mr. James Odaudu, announced the plan in a …<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17,624],"tags":[36,1134,818,740,575],"coauthors":[2392,2393],"class_list":["post-9015","post","type-post","status-publish","format-standard","","category-business","category-news","category-politics","tag-cbn","tag-cscs","tag-ndic","tag-nse","tag-sec"],"yoast_head":"\nCBN Approves Special Forex Intervention For Airlines - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/cbn-approves-special-forex-intervention-for-airlines\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN Approves Special Forex Intervention For Airlines - National Wire\" \/>\n<meta property=\"og:description\" content=\"CBN Approves Special Forex Intervention For Airlines The Central Bank of Nigeria has approved a Special Secondary Market Intervention Retail Sales for airlines operating in the country to enable them to access foreign exchange. 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