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CBN resumes forex sales to commercial banks

CBN resumes forex sales to commercial banks

To sell $100m per week

By Elizabeth Adegbesan,  with agency report

forex sales
CBN

The Central Bank of Nigeria  (CBN) yesterday said it has resumed the sale of foreign exchange (Forex) to commercial banks in view of the gradual easing of Corona Virus Disease (COVID 19)  lock down.

Director, Corporate Communication Department, CBN, Isaac Okoroafor disclosed this in a statement  titled, “CBN resumes dollar sales for SMEs, school fees”.

Okoroafor said: “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.

READ ALSO:COVID-19: Outlook for foreign investments in Treasury Bills dims

“In particular, the CBN is resuming the  provision of over  $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 any end-user that could necessitate recourse to illegitimate sources and spike in foreign exchange rates.

Given this, the  apex 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.”

Vanguard

The post CBN resumes forex sales to commercial banks appeared first on Vanguard News.


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