Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,205,873 members, 7,994,016 topics. Date: Tuesday, 05 November 2024 at 03:21 AM |
Nairaland Forum / Nairaland / General / Business / CBN Approves Special Forex Intervention For Airlines (12817 Views)
CBN To Sustain Forex Intervention, Releases Fresh $418m / CBN Approves $10k Per Week FX Sale To Bdc’s / FOREX Intervention: Dealers Unable To Pick Entire $100m Offered By CBN (2) (3) (4)
CBN Approves Special Forex Intervention For Airlines by DONSMITH123(m): 5:05pm On Oct 14, 2016 |
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. The Deputy Director, Press and Public Affairs, Ministry of Transportation, Mr. James Odaudu, announced the plan in a statement in Abuja on Friday. 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. He said the intervention was an important one off exercise dedicated to the clearance of the backlog of matured foreign exchange obligations. 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. 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. He said, “The 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. “It provides that ‘all SMIS bids shall be submitted to the CBN through the FXPDs.’ “Consequently, CBN shall receive bids from all the authorised dealers. “The CBN will also not apply the relevant provisions that ‘Spot Forex sold to any particular end-user shall not exceed one per cent of the overall available funds on offer at each SMIS session.’ “According to the CBN, whereas the bids are on Spot Forex basis as the Authorised Dealers’ accounts with the CBN will be debited in full for the naira equivalent of the dollar bid amount. “The CBN will settle the bids through forward settlements of two months.” He said that customers that were not willing to accept the settlement terms had been advised not to participate in this Special SMIS- Retail. Odaudu credited Sirika as describing the special intervention by CBN as a “great relief’’ for airline operators in the country. 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. Sirika said the aviation sector was critical to the nation’s economy, adding that CBN had taken the right decision that would strengthen existing airlines and inspire confidence in aspiring operators. The airline operators at a recent meeting with the minister complained of a lack of access to Forex. The airlines said that many airlines were not operating profitably. Sirika, at the meeting promised, to take up the issues with the authorities of the apex bank and seek for intervention on their behalf. Also to benefit from the intervention is raw materials and machineries for manufacturing companies and agricultural chemicals. http://punchng.com/cbn-approves-special-forex-intervention-airlines/ 1 Like 1 Share
|
Re: CBN Approves Special Forex Intervention For Airlines by krasican(m): 5:08pm On Oct 14, 2016 |
Nice one 3 Likes |
Re: CBN Approves Special Forex Intervention For Airlines by AroOkigbo(m): 5:10pm On Oct 14, 2016 |
Worth knowing. ..what's the next step.
Are those foreign airlines that left going to be back soonest? 1 Like |
Re: CBN Approves Special Forex Intervention For Airlines by SamuelAnyawu(m): 5:10pm On Oct 14, 2016 |
Oh Nice |
Re: CBN Approves Special Forex Intervention For Airlines by Nobody: 5:18pm On Oct 14, 2016 |
Lalasticlala ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh They have learnt something from Mr Common Sense 1. Ticket prices would come down and more people can travel locally and internationally 2. More jobs to be created 3. Secure tourism sector 8 Likes
|
Re: CBN Approves Special Forex Intervention For Airlines by 989900D: 7:02pm On Oct 14, 2016 |
N440 @ Sabo. |
Re: CBN Approves Special Forex Intervention For Airlines by PerfectlyPerfect(m): 7:26pm On Oct 14, 2016 |
the Nigerian aviation industry needs a total overhaul. Please i need your help. We're launching a new service to the Nigerian market very soon and we need feedback that will determine how we will implement the service. Please help us fill this short survey. Its just a few questions, and you'll receive freebies for filling the survey when we launch. Thanks. https://www.surveymonkey.com/r/GD87XVW |
Re: CBN Approves Special Forex Intervention For Airlines by wristbangle: 7:27pm On Oct 14, 2016 |
Keneking: Recession don make that monkey run mad bro 2 Likes |
Re: CBN Approves Special Forex Intervention For Airlines by Kaybee14(m): 7:28pm On Oct 14, 2016 |
That's good. It's a gradual process. Nigeria will surely get there. 1 Like |
Re: CBN Approves Special Forex Intervention For Airlines by ttmacoy: 7:29pm On Oct 14, 2016 |
Doubt it because it was a one off excercise and besides sales of tickets are still down due to the recession While this relives some of the pains facing the airlines it does not resolve it so they will be back here again in a few months unless the forex issue is resolved. AroOkigbo: |
Re: CBN Approves Special Forex Intervention For Airlines by lifestyle1(m): 7:29pm On Oct 14, 2016 |
1 Like
|
Re: CBN Approves Special Forex Intervention For Airlines by richidinho(m): 7:30pm On Oct 14, 2016 |
Keneking: Lol.. No be lie! |
Re: CBN Approves Special Forex Intervention For Airlines by Nobody: 7:30pm On Oct 14, 2016 |
CBN approves. BBA approves. APC approves PDP approves.. Yet we no dae see results of the approvals.. Nigeria done tire me.. I dae park go my village for Edo state.. Naija done tire me 9 Likes |
Re: CBN Approves Special Forex Intervention For Airlines by gurunlocker: 7:31pm On Oct 14, 2016 |
Before all airline pack finish, and we start to dey use dullard private jet 1 Like |
Re: CBN Approves Special Forex Intervention For Airlines by Hadone(m): 7:31pm On Oct 14, 2016 |
Mama me kosai 3 Likes
|
Re: CBN Approves Special Forex Intervention For Airlines by kings09(m): 7:32pm On Oct 14, 2016 |
No oo. They shldnt. They shld keep subsidising pilgrims to mecca n jerusalem. Useless govt, useless CBN. 5 Likes |
Re: CBN Approves Special Forex Intervention For Airlines by martineverest(m): 7:33pm On Oct 14, 2016 |
fighal:i go soon go join u for edo sef 1 Like |
Re: CBN Approves Special Forex Intervention For Airlines by ayeeshaapink: 7:33pm On Oct 14, 2016 |
Lmaooo!!! Everything Approves fighal: |
Re: CBN Approves Special Forex Intervention For Airlines by AleAirHub(m): 7:36pm On Oct 14, 2016 |
Hmmmm.... Time to dust my passport and book available flight before it hit $1/750. #Help me with btc@490 |
Re: CBN Approves Special Forex Intervention For Airlines by Nobody: 7:38pm On Oct 14, 2016 |
martineverest:Brother you are welcome, just carry your feeding money and house rent along |
Re: CBN Approves Special Forex Intervention For Airlines by Nobody: 7:46pm On Oct 14, 2016 |
Ok 7 Likes
|
Re: CBN Approves Special Forex Intervention For Airlines by Oildichotomy(m): 7:46pm On Oct 14, 2016 |
Policy somersault CBN Season 2 - Aviation episode So tightening repatriation of forex ain't gonna boost the wacky Naira no more! Continue the Somersault |
Re: CBN Approves Special Forex Intervention For Airlines by ibkgab001: 7:47pm On Oct 14, 2016 |
Someone is gradually coming back to his senses... After somebody that is very close to him said she will not support his ambition by 019...and now some people will be happy now |
Re: CBN Approves Special Forex Intervention For Airlines by BIDOO(m): 7:51pm On Oct 14, 2016 |
. |
Re: CBN Approves Special Forex Intervention For Airlines by Worksunlimited: 8:06pm On Oct 14, 2016 |
DONSMITH123: How bout the special intervention for the masses? 1 Like |
Re: CBN Approves Special Forex Intervention For Airlines by adconline(m): 8:07pm On Oct 14, 2016 |
because Airline industry is only beneficial to the rich, politrickian, influential and most powerful because they don't want to get caught up driving roads that are death traps. How much does airline contribute to our national GDP? Over 16 out of 18 sub sectors of the economy are in recession and you are picking only Airlines because politrickians stole and invested in airlines? 1 Like |
Re: CBN Approves Special Forex Intervention For Airlines by chibuzorAbia: 8:18pm On Oct 14, 2016 |
adconline: Thank u my brother. The idiots above have no idea the wretched future they are building for themselves and the yet to be born. We want to continue living well beyond our means. Our foreign suppliers are keeping us in bondage. My people are surely going to perish out of ignorance. 2 Likes |
Re: CBN Approves Special Forex Intervention For Airlines by martineverest(m): 8:19pm On Oct 14, 2016 |
fighal:i go farm for there...no need for feeding money. Na edo north abi na central u dey go? 1 Like |
Re: CBN Approves Special Forex Intervention For Airlines by bettercreature(m): 8:22pm On Oct 14, 2016 |
Kaybee14:I knew those airlines are already getting dollars from somewhere,Flights ticket has been very cheap in the last 10 days |
Re: CBN Approves Special Forex Intervention For Airlines by Emmafrancis: 8:29pm On Oct 14, 2016 |
Lol . Also provide for food, telecoms,Cars etc what is good for d goose Is also good for d gander. 1 Like |
Re: CBN Approves Special Forex Intervention For Airlines by Hardtalkjoe: 8:31pm On Oct 14, 2016 |
DOUBLE STANDARD, ALWAYS BY APC, WE SHOULD HAVE A FOREX BANK AND STRINGENT MEASURES SHOULD BE APPLIED TO MAKE SURE THAT PMB'S BROTHERS WHO MOP UP ANY MONEY THAT THE GOVERNMENT PUTS OUT FOR INTERVENTION THROUGH THEIR GANG MEN IN CBN AND COMMERCIAL BANKS THEN SHIP IT TO DUBAI AND HIKE THE PRICE. TO GET OUT OF THIS CRISIS WE MUST PUT ALL FOREX MIDDLEMEN OUT OF BUSINESS. THEY HAVE NO JOB EXCEPT TO STAND ON THE ROAD TO SOLICIT FOR EXCHANGE. IT IS WRONG. #STOPSTREETFOREX 1 Like |
Cash Squeeze Hits Banks As NIBOR Volatility Surges / Femi Otedola Suspends Twitter Account Due To Impersonators / IMF Doubts Nigeria’s Capacity To Repay Debts
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 41 |