The Central Bank of Nigeria (CBN) has announced the resumption of foreign exchange provision to all commercial banks for the purpose of onward sales to parents for school fees and SMEs for essential imports. This move aims to revamp economic activities in the country amidst the gradual easing of the COVID-19 lockdown.
The CBN has stated that it will be providing over US$100 million per week for both categories and has made arrangements to resume foreign exchange sales to the BDC segment of the market for business and personal travels, as well as other designated retail uses, once international flights resume.
In order to prevent panic and illegitimate sources causing spikes in foreign exchange rates, the CBN emphasizes its increased surveillance of the foreign exchange markets for speculators, smugglers, and other illegal users. The bank warns that decisive actions will be taken against anyone or institutions involved in such activities.