Breaking: After IMF Funds, CBN Resumes Dollar Sales

The Central Bank of Nigeria, CBN, has resumed sale of dollars for SMEs, School Fees In view of the gradual easing of the COVID-19 lockdown both globally and in Nigeria.

NewsWireNGR reported that the executive board of the International Monetary Fund (IMF) has approved the $3.4 billion requested by the Nigerian government for emergency support.

The board met on Tuesday to discuss Nigeria’s request for emergency support under the rapid financing instrument and part of the conditions for the funds included that the “unification of the exchange rate should be expedited,” .

In a statement issued Wednesday by Mr Isaac Okorafor, Director, Corporate Communications, “the Central Bank of Nigeria (CBN) has resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay schools fees and SMEs wishing to make essential imports needed to revamp economic activities across the country”.

The statement reads in party, “In particular, the CBN is resuming the provision of over US$100 million per week for both categories”.

” The CBN has also made complete arrangements 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”.

Okorafor added that 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. Given 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/institutions involved in such nefario”…