CBN Resumes Dollar Sales For SMEs, School Fees To Help Revamp The Economy

by on April 30, 2020

The Central of Nigeria (CBN) says it has resumed the provision of foreign exchange to commercial banks for onward sales to small and medium enterprises (SMEs) wishing to undertake the importation of essentials needed to help revamp the economy devastated by the deadly coronavirus pandemic.

The apex bank announced the resumption of the exercise on Wednesday in a statement by its spokesperson, Isaac Okorafor.

In particular, the CBN said it was resuming with the provision of over $100 million per week for both categories.

Mr Okoroafor said the CBN also 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.

The CBN spokesman said: “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.”

See the statement below:

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