Central Bank of Nigeria (@cenbank) | Twitter
The Central Bank of Nigeria (CBN) has started issuance of foreign exchange to all commercial banks for onward sale to parents wishing to pay tuition for their wards.
Similarly, small and medium scale businesses wishing to make essential imports will now have access to forex, according to the apex bank.
Mr Isaac Okorafor, The CBN Director of Corporate Communications, disclosed this in a statement on Wednesday, that the resolution was along with the gradual soften of the corona virus shutdown
The CBN declared the purvey of over US$100 million per week for both categories.
The CBN also revealed that it had also organized its resumption for foreign exchange sales to the BDC segment of the market for enterprises trip, personal trips, 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 end-users that could necessitate recourse to illegitimate sources and spike in foreign exchange rates”, the statement read.
The apex bank disclosed that it had ramped up its surveillance of the foreign exchange markets and will take action against speculators, smugglers, and other illegal users.

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