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Uche Usim, Abuja
The Central Bank of Nigeria (CBN) on Wednesday announced the resumption of foreign exchange sales 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 apex bank will be providing $100 million weekly for both categories.
The decision, according to the Spokesman of CBN, Isaac Okorafor, was consistent with the gradual easing of the COVID-19 lockdown both globally and in Nigeria.
Okorafor added that the CBN has also made complete arrangements to resume foreign exchange sales to the 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.
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”, he stated.
