- CBN begins FX sales for imports, school fees, others
In line with President Muhammadu Buhari’s directive for the re-opening of some essential business next week, the Presidential Taskforce on Covis-19 has cleared bank branches in Lagos, Ogun and the Federal Capital Territory to open to customers from Monday, May 4.
According to the announcement by the National Coordinator of the taskforce, Sani Aliyu, banking halls will open to customers from 8am and 2pm daily.
The announcement came as the Central Bank of Nigeria (CBN) also resumed the sale of forex exchange to all commercial banks and Bureau de Change (BDCs) to re-sale to Small and Medium Enterprises ((SMEs) for the import of essential items to gradually revamp the economy, and payment of school sees.
In a statement by its Director, Corporate Communications, Isaac Okorafor, the apex bank said the decision was reached in view of the gradual easing of the global lockdown as well as Nigeria’s efforts to contain the spread of the virus.
According to the statement, “in particular, the CBN is resuming the provision of over $100 million per week for both categories, and has also made complete arrangements to resume foreign exchange sales to the Bureau De Change segment of the market for business travels, 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 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.”
