Port charges to be accommodated in official forex window

IN an effort to improve foreign exchange (forex) availability in the market, the Central Bank of Nigeria (CBN), on Tuesday, directed that payments for port charges to the Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA) by oil marketing companies should henceforth be accommodated in its official forex window through Form ‘A’.

According to the apex bank, this will enable importers to access dollar through their respective banks at the official window. It is also expected to ameliorate the difficulties encountered by oil marketers while sourcing for dollar to clear their imported products with the authorities at the ports – also in line with facilitating ease of doing business in the maritime sector.

In addition, the move according to CBN, is likely to impact positively on the alternative market segments such as the Bureau De Change and parallel market as demand for foreign exchange by oil marketers would be re-directed to the official window, hence resulting in possible appreciation of the naira at the alternative segments.

Hence, CBN instructed authorised dealers to accept the request for the payments of port charges from oil marketing companies and forward same to its foreign exchange window.