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CBN resumes dollar sales to SMEs, students, PTA

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The Central Bank of Nigeria CBN has stated that it has resumed sales of dollars to SMEs who need foreign exchange for essential imports, and also to parents who wish to pay the fees of their children in foreign schools.

This was announced in a statement by the CBN’s Director of Corporate Communications, Mr. Isaac Okorafor, on Wednesday, April 29 2020.

“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 students 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 USD$ 100 per week for both categories,” the statement read in part.

Going further, the CBN says it has also “made complete arrangements to resume foreign exchange sales to the renowned beureaux de change operators in the country and assured Nigerians that there is no need to worry over shortage of the dollar currency or resort to patronising illegitimate sources of foreign exchange as it is meeting dollar needs by end-users.

“There is therefore no need for panic by any end-user that could necessitate recourse to illegitimate sources and spike in foreign exchange rates,” the statement said.

This comes, as the lockdown is expected to ease up, following President Buhari’s announcement in his third broadcast, that there would be a phased easing of the lockdown in Lagos and Ogun states as well as the Federal Capital territory from Monday, May 4 2020. 

To complement the measures in place, the CBN has ramped up its surveillance efforts in a bid to detect the activities of market speculators, smugglers, and other illegal users. Those found guilty will be prosecuted.

Anthony Dirisu
Reporter, PapercodePost
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