CBN Approves Dollar Sales For SMEs and School Fees

Oru Leonard

The Central Bank of Nigeria (CBN), says it has resumed Dollar sales for SMEs and school fees.

This is stated in a release by Mr Isaac Okorafor, the Director, Corporate Communications of the CBN at Abuja on Wednesday, April 29, 2020.

Mr Okorafor noted that it is in view of the gradual easing of the COVID-19 lockdown both globally and in Nigeria.

“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.
In particular, the CBN is resuming the provision of over US$100 million per week for both categories”, he said.

He revealed 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 any end-user that could
necessitate recourse to illegitimate sources and spike in foreign exchange rates” he expressed.

The CBN spokesman said the Bank has ramped up its surveillance of the foreign exchange markets for speculators, smugglers and other illegal users, and warned that CBN will take decisive actions against anyone/ institutions involved in such nefarious activities.