By Tony Obiechina, Abuja
Following the gradual easing of the COVID-19 lockdown both globally and in the country, the Central Bank of Nigeria (CBN) has resumed the provision of foreign exchange to all commercial banks.
In a statement by CBN Director of Corporate Communications, Mr Isaac Okorafor on Wednesday, the move is to enable parents wishing to pay school fees and SMEs to make essential imports needed to revamp economic activities across the country.
According to the statement, the Apex bank is particularly resuming the provision of over US$100million per week for both categories.
The statement also disclosed that 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 an 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”, the statement added.
