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CBN adjust naira from N360 to N380 at SMIS

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Customs increases FX rate for collection of duties from N770/$ to N783/$

Adebayo Obajemu

Business Hallmark has gathered that Central Bank has informed bidders at its Secondary Market Intervention Sales (SMIS) to increase their bidding price to N380/$1 floor. The SMIS is the market where importers bid for forex using Letters of Credit and Form M.

Information at our disposal indicates that the central bank impressed on banks that they will only accept bids from N380/$1 and above and no longer N360/$1 meaning those who bid lower will not get any forex allocation.

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Transaction success in this market is based on bids with those who bid higher than the floor as they are often in an advantageous position to secure forex.

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