In a press release by the Central Bank of Nigeria (CBN) seen by Investogist, the apex bank stated that it will resume 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.
This is according the document released, in view of the gradual easing of the COVID-19 lockdown both globally and in Nigeria. In particular, the CBN will be resuming the provision of over US$100 million per week for both categories.
The bank stated that it 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.
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The bank went further to reiterate that with these actions, it is adequately meeting the needs of all legitimate users, and that its ability to do so should not be in doubt.
In a bid to calm nerves over the spike in foreign exchange rates, the bank advised that there is no need for panic by any end-user that could necessitate a recourse to illegitimate sources.
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The bank has ramped up its surveillance of the foreign exchange markets for speculators, smugglers and other illegal users, and warned that it will take decisive actions against anyone/institutions involved in such nefarious activities.
In a letter addressed to the Association of Bureau de Change of Nigeria president, on 25th March 2020, the CBN notified the association of its decision to suspend sales of US Dollars to the BDC.
Investogist on Tuesday reported that the Naira was selling at N460.00 against the US Dollar. Market operators and the general public would hope that this resumption in sales by the apex will halt the gradual depreciation of the local currency.
Written by:
Basil Maduakor
