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Monday, June 27, 2022

CBN begins $100m weekly sales

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The Central Bank of Nigeria (CBN) has started the $100 million weekly dollar sales to parents for the payment of their children’s school fees abroad and Small and Medium Enterprises (SMEs) to enable operators make essential imports.

In a statement, CBN’s Director of Corporate Communications, Isaac Okorafor, said the regulator would begin dollar sales to bureau de change operators on commencement of international flights.

“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,” the statement read in part.

Based on the decision, the Central Bank will provide over $100 million to banks. In addition to the supply of dollars for the payment of school fees and essential imports by SME’s, the CBN says 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”.

“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 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,” the apex bank added.

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