Lagos – The Central Bank of Nigeria has resumed the provision of foreign exchange to commercial bank across the country.
In a press release by the apex bank, the Director, Corporate Communications , Mr. Isaac Okoroafor 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 and resuming the provision of over US$100 million per week for both categories.
He stressed that, there is a 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.
Okoroafor added that, with these actions, the apex bank wishes to reiterate that it is adequately meeting the needs of all legitimate users, and their capacity to continue should not be doubt.
He added that, 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.
It would be recalled that, Central Bank of Nigeria, CBN, in a note issued to Bureau De Change operators, BDCs, in the country on March 26, 2020, suspended the sales of foreign currency for two weeks, after the Association of Bureau De Change Operators of Nigeria (ABCON) requested for a two-week holiday as a measure to control the spread of the Coronavirus outbreak which is fast spreading in the country.