CBN provides Foreign Exchange for Education and Business Purposes

The Central Bank of Nigeria (CBN) has announced that it will be providing commercial banks with over $100 million for sale to persons who wish to pay tuition fees and to Small and Medium Enterprises (SMEs) that intend to import essential commodities. The measure was taken pursuant to the gradual ease of the global lockdown and re-opening the Nigerian economy.  According to the CBN Director of Corporate Communications, Mr. Isaac Okorafor, the Bank has concluded arrangements to resume sale of foreign exchange to Bureau de Change market for business and personal travel purposes, pending the resumption of international flights. Mr.  Okorafor added that the Bank, through these measures, is assuring all end users of foreign exchange of the institution’s ability to adequately meet their demand. The past several months have seen a decline in the global price of crude oil, Nigeria’s major export, which yields a bulk of the country’s  foreign exchange earnings. The value of the Naira has equally dropped in recent times and is currently at an inter-bank rate of N380 to $1, while parallel rates are as high as N460 to $1.