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.
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.
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