Written by Godfrey AKON

CBN resumes dollar sales for SMEs, school fees

The Central Bank of Nigeria, CBN, says it has resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay school fees and, Small and Medium Enterprises, SMEs, wishing to make essential imports.

The apex bank, in a statement by its Director of Corporate Communications, Mr Isaac Okorafor, on Wednesday, said the move was in view of the gradual easing of the COVID-19 lockdown both globally and in Nigeria.

It noted that it was in particular, resuming the provision of over $100 million per week for both categories.

CBN also stated that it has made complete arrangements to resume foreign exchange sales to the Bureau De Change, BDC, 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," it said.

The CBN warned that it has ramped up its surveillance of the foreign exchange markets for speculators, smugglers and other illegal users, and will take decisive actions against anyone or institutions involved in such nefarious activities.

 

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