CBN resumes dollar sales for school fee payment, businesses

The Central Bank of Nigeria (CBN) has resumed the issuance of foreign exchange to all commercial banks for onward sale to parents wishing to pay tuition for their wards.

Similarly, small and medium scale businesses wishing to make essential imports will now have access to forex, according to the apex bank.

The Director, Corporate Communications, CBN, Isaac Okorafor, in a statement on Wednesday, said the decision was in line with the gradual easing of the COVID-19 lockdown.

The CBN announced the provision of over US$100 million per week for both categories.

The CBN said it had also made arrangements to resume foreign exchange sales to the BDC segment of the market for business travel, 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 end-users that could necessitate recourse to illegitimate sources and spike in foreign exchange rates”, the statement read.

The apex bank disclosed that it had ramped up its surveillance of the foreign exchange markets and will take action against speculators, smugglers, and other illegal users.


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