The Central Bank of Nigeria (CBN) has resumed sales of dollars to small business owners to cushion the effect of a high forex rate on the economy.
As of Wednesday morning, the naira traded above N450 per dollar at the parallel market as against N361 per dollar official price due to hoarding and peculations as a fall in global oil prices and COVID-19 lockdown affect Nigeria’s economy.
The apex bank said resumption is necessary as the gradual easing of the COVID-19 lockdown began 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.
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 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.
