The Central Bank of Nigeria (CBN) has announced the commencement of $100 million weekly dollar sales to parents for the payment of their children’s school fees abroad and Small and Medium Enterprises (SMEs) operators to import essential items.
CBN’s Director of Corporate Communications, Isaac Okorafor said the regulator will begin dollar sales to bureau de change operators on commencement of international flight operations.
“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 fees and SMEs wishing to make essential imports needed to revamp economic activities across the country,” the statement read in part.
Based on the decision, the Central Bank will provide over $100 million to banks. In addition to the supply of dollars for the payment of school fees and essential imports by SME’s, the CBN says it has also “made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume”.
