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/

Nice one

Worth knowing. ..what's the next step. Are those foreign airlines that left going to be back soonest?

Oh Nice

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

the Nigerian aviation industry needs a total overhaul.

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Keneking:
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

Recession don make that monkey run mad bro

That's good. It's a gradual process. Nigeria will surely get there.

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:
Worth knowing. ..what's the next step.
Are those foreign airlines that left going to be back soonest?

Keneking:
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

Lol.. No be lie!

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

Before all airline pack finish, and we start to dey use dullard private jet

Mama me kosai

No oo. They shldnt. They shld keep subsidising pilgrims to mecca n jerusalem.

Useless govt, useless CBN.

fighal:
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

i go soon go join u for edo sef

Lmaooo!!! Everything Approves

fighal:
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

Hmmmm....
Time to dust my passport and book available flight before it hit $1/750.

#Help me with btc@490

martineverest:
i go soon go join u for edo sef

Brother you are welcome, just carry your feeding money and house rent along

Ok

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

.

DONSMITH123:

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/

How bout the special intervention for the masses?

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?

adconline:
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?

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.

fighal:
Brother you are welcome, just carry your feeding money and house rent along

i go farm for there...no need for feeding money.

Na edo north abi na central u dey go?

Kaybee14:
That's good. It's a gradual process. Nigeria will surely get there.

I knew those airlines are already getting dollars from somewhere,Flights ticket has been very cheap in the last 10 days

Lol . Also provide for food, telecoms,Cars etc what is good for d goose Is also good for d gander.

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