As the world, including Nigeria, begins to wind down gradually on lockdowns put in place to check the spread of COVID-19, the Central Bank of Nigeria (CBN) has restarted the sale of dollars to small businesses and to aid individuals who require forex in executing activities like payment of school fees e.t.c.
In a press release, dated April 29, 2020, and signed by Isaac Okorafor, Director, Corporate Communications, the apex bank has also perfected plans to resume foreign exchange sales to Bureau De Change (BDC)operators at a later date.
The statement reads:
” 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.
” 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.“
