In view of the
gradual easing of the COVID-19 lockdown both globally and in Nigeria, the
Central Bank of Nigeria (CBN) says it 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 a statement
released this afternoon, the apex bank said it is resuming the provision of
over US$100 million per week for both categories and 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.
The bank says there
is no need for panic by any end-user that could necessitate recourse to
illegitimate sources and spike in foreign exchange rates. It adds that it 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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