Forex: Inter-bank market gets another $210m boost

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…As Skangas Inks Deal with Gothia Tankers to Supply New Tankers with LNG***

The Central Bank of Nigeria (CBN) on Tuesday allocated to authorised dealers, another $100 million as part of its intervention in the wholesale segment of the inter-bank foreign exchange market.

The CBN also allocated $55 million each to the Small and Medium Enterprises (SMEs) and the invisibles segments, comprising requests for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

The Director, Corporate Communications, Mr Isaac Okorafor indicated this in a  statement in Abuja, saying that the intervention is to enable the market to meet the requests of its customers.

Okorafor said that the CBN would continue to intervene in the country’s interbank foreign exchange market, adding that the Bank’s management remained committed to ensuring stability in the market through liquidity.

The statement recalled that the Bank had made interventions totaling more than 547 million dollars in October in the wholesale and retail Secondary Market Sales (SMIS).

Okorafor also said that the Naira, on Tuesday,  exchanged at an average of N362 to one dollar in the Bureau De Change (BDC) segment of the market.

In the meantime, Norwegian LNG provider Skangas has entered into an agreement with parts of the Gothia Tanker Alliance for the supply of LNG as fuel.

The new agreement comprises current as well as new vessels with LNG propulsion soon to come.

Swedish shipping companies that will get the advantage of the supply agreement with Skangas are Furetank Rederi AB, Erik Thun AB and Rederi AB Älvtank. These shipping companies have invested in a total of six new LNG-fueled vessels and together with the existing Fure West, they are all jointly operated by the Gothia Tanker Alliance.

The Swedish Shipowners’ Association is contributing to reducing any negative environmental impact of the shipping industry. Their goal is zero emissions within 2050.

“Investing in LNG-fueled vessels contributes along these lines. For newbuilds we focus on energy efficiency and innovations. Together with our choice of cleaner fuel we are experiencing a major reduction in our CO2 emissions, not to forget the reductions in particulate matters and NOX,” Lars Höglund, Managing Director of Furetank, said.

As explained by Skangas, the delivery chain consists of trailer trucks, which are used for bunkering operations in ports, bunkering from terminals, as well as Skangas’ bunker vessel Coralius. The bunkering ship-to-ship operation involving Coralius may take place at anchorage off Gothenburg in Sweden, off Skaw in Denmark, offshore Norway or in ports during cargo operations.

“Skangas is very happy with the agreement and to continue our relationship with Furetank and the rest of the Gothia Tanker Alliance. Being trusted to supply LNG also for the future vessels is a confirmation that we are delivering as expected,” Tommy Mattila, Director Sales and Marketing in Skangas, commented.

LNG is the cleanest available marine fuel, one that is rapidly becoming more commonly used as a cost-effective alternative. LNG is suitable for all vessel types, including ferries, passenger ships, tankers, bulk, supply and containerships. It offers several benefits by reducing local and global pollution.

Additional report from World Maritime News