The Central Bank of Nigeria (CBN) has resumed sales of dollars to small business owners and those wishing to pay school fees to tame rising dollar- naira rate.
As global oil prices fall and COVID-19 lockdown affect Nigeria’s economy, the naira traded above N450 per dollar at the parallel market on Wednesday morning and N361 per dollar at the official
The apex bank said resumption is necessary as the gradual easing of the COVID-19 lockdown began globally and in Nigeria and tackle hoarding and illegal forex players.
“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.
In particular, the CBN is resuming the provision of over $100 million per week for both categories,” Isaac Okorafor, CBN spokesperson said.
The apex bank said it has also made complete arrangements to resume foreign exchange sales to the Bureau De Change segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.
With this development, small businesses and parents can now get forex at the official market rate of N361 per dollar from any commercial bank in the country.
The CBN said it 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.