In a bid to defend the Naira at a time it continues to wobble against major currencies at the foreign exchange market, the Central Bank of Nigeria (CBN), on Wednesday said it has resumed provision of forex to all commercial banks for onward sales to parents wishing to pay schools fees, as well as Small and Medium-scale Enterprises (SMEs).
A statement by Isaac Okorafor, its Director, Corporate Communications, said the apex is resuming the provision of over US$100m per week for both categories.
Commencement of the forex sales, the statement explained, has become necessary given that the lockdown arising from the Coronavirus (COVID-19) is gradually easing across the globe as well as in Nigeria.
The sales, at the CBN noted, will also enable SMEs to “make essential imports needed to revamp economic activities across the country.
Complete arrangements, the statement assured, has also been made “to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.”
These actions, it stressed are to reiterate that the apex bank “is 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 rates.
“Given this, the Bank has ramped up its surveillance of the foreign exchange markets for speculators, smugglers, and other illegal users,” warning that decisive actions will be taken against anyone or institutions involved in such nefarious activities.