CBN Resumes Sales Of Dollars To Nigerian Students, SMEs

CBN Resumes Sales Of Dollars To Nigerian Students, SMEs

SIR 3PU April 30, 2020

CBN Resumes Sales Of Dollars To Nigerian Students, SMEs

 

CBN has resumed the sales of US dollars to Nigerian students in foreign schools, SMEs for important usage.

 

The Central Bank of Nigeria revealed the body has resumed sales of dollars to Nigerian students who study abroad and need to pay their school fees. This also applies to Small-Medium Enterprises who really needs foreign exchange for essential imports.

 

The statement reads;

“In view of the gradual easing of the COVID-19 lockdown both globally and in Nigeria.

The Central Bank of Nigeria (CBN) has resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay school feels and students and SMEs wishing to make essential imports needed to revamp economic activities across the country.

In particular, the CBN is resuming the provision of over USD$ 100 per week for both categories.”

“There is therefore no need for panic by any end-user that could necessitate recourse to illegitimate sources and spike in foreign exchange rates.”

Meanwhile, the CBN said it has intensified its surveillance efforts in a bid to detect the activities of market speculators, Forex smugglers, and illegal users. Those found guilty will be prosecuted and receive the penalty for his/her crimes committed without wasting time.

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