Central Bank of Nigeria resumes sale of foreign exchange

Nigeria banks 7 MayThe Central Bank of Nigeria (CBN) has commenced the sale of foreign exchange totalling more than US$100mn through the commercial for school fees payments and for small and medium size companies wishing SMEs to make essential imports to revamp economic activities

The CBN will resume sale of foreign exchange sales to the Bureau De Change operators for business travels, personal travels and other designated retail uses as soon as international flights resume.

In a circular released in Abuja, CBN stated that it is prepared to meet the needs of all legitimate users. 

“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 nefarious activities.”

 

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