Dollar Sales: Central Bank Resumes Sale to Small Businesses, Others

• Dollar Sales: Central Bank Resumes Sale to Small Businesses, Others

The Central Bank of Nigeria has resumed sales of dollars to deposit money banks for onward sales to Small and Medium Enterprises and parents looking to pay their kids tuition fees.

Mr. Isaac Okorafor, the Director, Corporate Communications, CBN, made the disclosure in Abuja on Wednesday.

Okorafor explained that the decision was in line with the Federal Government’s new position on lockdown.

President Muhammadu Buhari had eased restrictions across three most affected states earlier this week to partially reopen the economy for activities in Lagos, Abuja and Ogun states despite COVID-19 confirmed cases risen to 1,728 on Wednesday and total deaths jumping to 51 from 44 reported on Tuesday.

Mr. Okorafor said the new measures would help small businesses meet imports’ needs and revamp the nation’s economic activities.

“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 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 these actions, the CBN wishes to reiterate that it 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.

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