CBN begins FX sales, says it has capacity to meet legitimate needs

The Central Bank of Nigeria 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).

Isaac Okorafor, the CBN Director for Corporate Communications, made this known in a statement in Abuja on Wednesday.

Okorafor explained that the development was due to the gradual easing of the COVID-19 lockdown in the country and across the globe.

He said this step would also help owners of SMEs to make essential imports needed to revamp economic activities across the country.

“In particular, the CBN is resuming the provision of over 100 million dollars per week for both categories.

“It has also made complete arrangements to resume FX sales to the Bureau de Change segment of the market.

The sales is to satisfy needs for business and 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.

“In view of this, the bank has ramped up its surveillance of the FX markets for speculators, smugglers and other illegal users.

“CBN will take decisive actions against anyone or institutions involved in such nefarious activities” he explained.

CBN begins FX Sales, says it has capacity to meet legitimate needs