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CBN begins sale of forex for school fees, “essential” imports

In view of the gradual easing of the COVID-19 lockdown both globally and in Nigeria, the Central Bank of Nigeria (CBN) says it has resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay schools fees and SMEs wishing to make essential imports needed to revamp economic activities across the country.

In a statement released on Wednesday in Abuja, the apex bank said it is resuming the provision of over US$100 million per week for both categories and 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.

The bank says there is no need for panic by any end-user that could necessitate recourse to illegitimate sources and spike in foreign exchange rates.

It adds that it 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. 

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