Cbn resumes sales of dollar for smes's

Cbn cheif Godwin Emefiele 

The Central Bank of Nigeria resumes the provision of Us dollar and foreign exchange to all commercial banks.

The Central Bank of Nigeria announced that it has resumed it provision of foreign exchange to all enable to enable people to pay school fees and those in small and medium business enterprise(SME).

The Cbn earlier stopped the exchange and provision of foreign currency and also they also stopped all the commercial banks in the nation to halt their foreign exchange operations.

Isaac Okorafor,who is the director of Cbn corporate communication announced in a statement citing that the new development was due to the fact that the world despite still affected with the corona virus pandemic are gradually easing up the restrictions and and enforced lockdown measures.

In a statement,he said; 

"In particular,the Cbn is resuming the provision of over 100 million dollars per week for both categories.

"The bank has also made complete arrangements to resume foreign exchange sales to Bereau De Change segment of the market for business travels,personal travels, designated retail uses,as soon as international flights.

"With these actions,tge Cbn wishes to reiterate that it 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 rate. 

"In view of this,the bank has ramped up it surveillance for foreign exchange markets for speculators,smugglers and other illegal users and will take decisive actions against anyone or institutions involved in such nefarious activities".

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