Central Bank of Nigeria (CBN) said it has resumed the sale of foreign exchange to banks to revamp the economy and to meet certain categories of needs as the world gradually relaxes lockdown occasioned by the deadly Coronavirus (COVID-19) pandemic.
CBN’s Director of Communications Mr. Isaac Okorafor in a statement made available to the media said the CBN said is resuming the sale of $100 million weekly for Small and Medium Enterprises (SMEs) as well as parents wishing to pay school fees of their children abroad.
The statement said, “In view of the gradual easing of the COVID-19 lockdown both globally and in Nigeria, the CBN has resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay schools fees and SMEs wishing to make essential imports needed to revamp economic activities across the country.”
The statement continued, “In particular, the CBN is resuming the provision of over $100 million per week for both categories. The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travel, 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 CBN said.
