CBN Resumes Dollar Sales For SMEs, School Fees

Proshare

Wednesday, April 29, 2020 02:27 PM / by CBN/ Header Image Credit:  Prothomalo

 

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


 Proshare Nigeria Pvt. Ltd.


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.


 Proshare Nigeria Pvt. Ltd.


Related News

  1. Weaker Naira Looms as Nigerian Black-Market Rate Plunges
  2. Nigerian Naira Forwards Slump after Central Bank Adjusts Currency Rate
  3. Viral Pressure Expected on Remittances
  4. Gross Official Reserves Declined by US$1.14bn in March 2020 to US$35.16bn
  5. CBN Suspends FX Sales to BDCs Until Further Notice
  6. Tweak of Exchange Rates - A Bold Move from CBN?
  7. Nigerian Central Bank Sells U.S. Dollar at Weaker Rate Than Previous Peg
  8. Finding The Major Trend Reversal In The Forex Market
  9. Gross Official Reserves Declined By US$1.71bn in February 2020 to US36.30bn
  10. Steady Decline in Nigeria's External Reserves Spark Fresh Concerns Around Exchange Rate Regime
  11. Forex Intervention: CBN Injects $292.34m, CNY 22.8m into Retail SMIS
  12. NCM2020 (28) - Nigerian FX Market Was Highly Variable in 2019
  13. Principles of Forex Trading for Beginners
  14. CBN, FMDQ Introduce Long-Dated FX Futures

 

 Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

 

READ MORE:
Related News
SCROLL TO TOP