CBN Resumes Sales of Foreign Exchange For Schools Fees, SMEs

BY AWONIYI OLAKUNLE, ABUJA – Following the gradual easing of the COVID19 lockdown globally and in Nigeria in particular, the Central Bank of Nigeria (CBN) has resumed the provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay school fees.

The sales of the foreign exchange is also for Small and Medium Enterprises wishing to make essential imports needed to revamp economic activities across the country.

In a statement by the CBN Director of Corporate Communication, Mr Isaac Okorafor said there is no need for panic by any end user that could necessitate recourse to illegitimate source and spike in foreign exchange rate. 

Okorafor also stated that CBN has ramped up its surveillance of the foreign exchange rate, adding that with this action, the apex bank is adequately ready to meet the needs of all legitimate users.