By Dayo Omoogun
The Central Bank of Nigeria (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.
This is in line with the gradual easing of the COVID-19 lockdown both globally and in Nigeria, according to its statement.
The apex bank stated unequivocally via the statement signed by its Director of Corporate Communications, Isaac Okorafor, that it is “resuming the provision of over US$100 million per week for both categories”.
The bank 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.
The bank assures the general public of its continued capacity to meet the needs of legitimate forex users.
“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.