CBN head office
The announcement was made in a statement by CBN’s Director of Corporate Communications, Mr. Isaac Okorafor, on Wednesday.
According to the statement, “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 school fees and SMEs wishing to make essential imports needed to revamp economic activities across the country”.
In particular, the CBN says it is resuming the provision of over US$100 million per week for both categories.
In addition the CBN has “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,” the statement said.
“There is, therefore, no need for panic by an end-user that could necessitate recourse to illegitimate sources and spike in foreign exchange rates.”
To complement the measures in place, the bank plans to go after speculators and launch a crackdown on illegal activities in the foreign exchange market.
“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 added 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.
