CBN resumes provision of forex for legitimate users

The Central Bank of Nigeria has resumed provision of foreign exchange to all commercial banks for onward sales to members of the society.

In a statement by its Director of Corporate Communications, Isaac Okorafor, the essence is to grant traders and individuals the necessary forex to revamp economic activities across the country.

In particular, the CBN is resuming the provision of over US$100 million per week for parents wishing to pay schools fees and SMEs wishing to make essential imports.

Reeling out the apex bank's efforts to make forex readily available it said arrangements have been made to cater to everyone's dollar needs.

"The CBN 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," it said.

It hoped end-users utilise the support given to them and not tamper with illegal sources that could spike the forex rates.

"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," the apex bank added.