Adedapo Adesanya
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has resumed the sale of dollars for Small and Medium Scales Enterprises (SMEs) and school fees, following the gradual easing of the COVID-19 lockdown both globally and Nigeria.
It was stated that the CBN is resuming the provision of over $100 million per week for both categories.
This was disclosed in a press statement released by the Director, Corporate Communications, CBN, Mr Isaac Okorafor, and sighted by Business Post on Wednesday, April 29.
According to notice, “The Central Bank of Nigeria (CBN) has resumed provision of foreign exchange for all commercial banks for onward sales to parents wishing to pay school fees and SMEs.”
The CBN also noted that those wishing to make essential imports to revamp economic activities across the country will have access to forex.
The CBN said it has made complete arrangement to resume foreign exchange sales to the Bureau De Change (BDC) segment of the market for business and personal travels and also for other designated retail uses, as soon as international flights resume.
The apex bank noted that it wishes to meet the needs of all legitimate users, adding that there was no need for panic or doubt.
The central bank promised to take the necessary actions against illegitimate sources of foreign currency and also promised to stifle any spike of foreign exchange rates.
“Given this, the bank has ramped up its surveillance of the foreign exchange markets for spectators, smugglers, and other illegal users, and will take decisive actions against anyone/institutions involved in such nefarious activities.”
