CBN Releases $280m to SMEs, BDCs, Others

The Central Bank of Nigeria further intervened on the state of foreign exchange on Tuesday with the injection of another $280 million into sectors of the economy including Business Travel Allowance, Personal Travel Allowance, medical bills and tuition and Small and Medium Enterprises (SMEs), which received $100m.

In a statement by its Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, the CBN also added that it had commenced the weekly sale of $20,000 to Bureau De Change (BDC) operators.

The statement said the CBN also on Tuesday opened bids where it offered $100m wholesale, seven to 45 days’ forwards to end-users through the Deposit Money Banks.

Okorafor further explained that the CBN introduced the use of Form Q for the SMEs to ease the documentation challenges usually encountered by this category of business.

He explained that through the arrangement, the SMEs were allowed to purchase $20,000 per quarter.

Author: Tolu

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