Mr. Godwin Emefiele, Governor, CBN

CBN continues forex sales to commercial banks

Isola Moses | ConsumerConnect

For purposes of enhancing the operations of Small and Medium Enterprises (SMEs) and ease off the process for the payment of tuition fees, the Central Bank of Nigeria (CBN) has said it resumed the sale of foreign exchange (Forex) to commercial banks with regard to the gradual easing of Coronavirus (COVID 19) lockdown in the country.

Mr. Isaac Okorafor, Director, Corporate Communications Department of CBN, in a statement Wednesday, April 29, said: “In view of the gradual easing of the COVID-19 lockdown both globally and in Nigeria, 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.

The statement notes that “in particular, the CBN is resuming the provision of over $100 million per week for both categories.

“The CBN has also made complete arrangements to resume foreign exchange sales to the BDC (Bureaus de Change) 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.”

Okorafor stated that there is “no need for panic by any end-user that could necessitate recourse to illegitimate sources and spike in foreign exchange rates.”

According to him, “the apex 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.”

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