A statement issued by the Bank on Friday disclosed that the sales shall be through a combination of spot and short tenored forwards. It added that the exercise, which shall be Special Secondary Market Intervention Sales (SMIS) retail, would be dedicated to the payment of Renminbi denominated Letters of Credit for raw materials and machinery and agriculture.
The Bank’s spokesman, Isaac Okorafor, explained that the CBN would receive bids from all authorized dealers. He added that due to the peculiarity of the exercise, the Bank would not be applying the relevant provisions of its Revised Guidelines for the Operation of the Inter-bank Foreign Exchange Market, which direct all SMIS bids to be submitted to the CBN through the Forex Primary Dealers (FXPDs).
According to Okorafor, the CBN would also not be applying the relevant provisions of the Guidelines which equally provide that “Spot FX sold to any particular end-user shall not exceed 1per cent of the overall available funds on offer at each SMIS session”.
Speaking on the bid period, he said authorised Dealers were requested to submit their customers’ bids from 9.00 am to 12.00 pm on Friday July 20, 2018, adding that bids received after this time would be disqualified.
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