The Central Bank of Nigeria (CBN) has resumed the sale of
foreign exchange to all commercial banks for onward sales to
parents wishing to pay schools fees and operators of small and
medium scale enterprises (SMEs) wishing to make essential imports
needed to revamp economic activities across the country.
The central bank disclosed this in a statement signed by its
Director, Corporate Communications, Isaac Okorafor.
The decision was arrived at, in view of the gradual easing of
the COVID-19 lockdown both globally and in Nigeria the country.
“In particular, the CBN is resuming the provision of over US$100
million per week for both categories. The CBN has also made
complete arrangements to resume foreign exchange sales to the
Bureau De Change segment of the market for business travels,
personal travels, and other designated retail uses, as soon as
international flights resume.
“With these actions, the CBN wishes to reiterate that it is
adequately meeting the needs of all legitimate users, and our
continued capacity to do so should not be in doubt. There is
therefore no need for panic by any end-user that could necessitate
recourse to illegitimate sources and spike in foreign exchange
rates.
“Given this, the Bank has ramped up its surveillance of the
foreign exchange markets for speculators, smugglers and other
illegal users, and will take decisive actions against
anyone/institutions involved in such nefarious activities,” the
Bank added.
The Central Bank of Nigeria (CBN) has resumed the sale of
foreign exchange to all commercial banks for onward sales to
parents wishing to pay schools fees and operators of small and
medium scale enterprises (SMEs) wishing to make essential imports
needed to revamp economic activities across the country.
The central bank disclosed this in a statement signed by its
Director, Corporate Communications, Isaac Okorafor.
The decision was arrived at, in view of the gradual easing of
the COVID-19 lockdown both globally and in Nigeria the country.
“In particular, the CBN is resuming the provision of over US$100
million per week for both categories. The CBN has also made
complete arrangements to resume foreign exchange sales to the
Bureau De Change segment of the market for business travels,
personal travels, and other designated retail uses, as soon as
international flights resume.
“With these actions, the CBN wishes to reiterate that it is
adequately meeting the needs of all legitimate users, and our
continued capacity to do so should not be in doubt. There is
therefore no need for panic by any end-user that could necessitate
recourse to illegitimate sources and spike in foreign exchange
rates.
“Given this, the Bank has ramped up its surveillance of the
foreign exchange markets for speculators, smugglers and other
illegal users, and will take decisive actions against
anyone/institutions involved in such nefarious activities,” the
Bank added.