By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN Opens Special Forex Window For SMEs
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNews

CBN Opens Special Forex Window For SMEs

Farouk Mohammed
By Farouk Mohammed
Published: April 10, 2017
Share
3 Min Read
SHARE

The Central Bank of Nigeria (CBN) has opened a special Forex window for Small and Medium Enterprises (SMEs) to enable SMEs import eligible finished and semi-finished items.


 

The CBN spokesmsn, Isaac Okorafor, in a statement on Monday in Abuja, said that the SMES would be permitted to import items not exceeding 20,000 dollars for an enterprise per quarter.

He said that the Bank’s special intervention was necessitated by its findings that a large number of SMEs were being crowded out of the forex space by large firms.

“The sum of 20,000 dollars per SME customer per quarter can be effected by telegraphic transfer subject to completion of Form ‘M’ supported with proforma Invoice and the importer’s Bank Verification Number (BVN).

- Advertisement -

“All processing banks are to ensure that the importers submit relevant shipping documents not later than 60 days from the date of the transfer.

“Information posted on the CBN website defines Small and Medium Scale Enterprises are enterprises that have asset base (excluding land) of between N5 million and N500 million and a labour force of between 11 and 300,” he said.

Okorafor further disclosed that the Bank had begun the massive sale of foreign exchange in different sectors of the Forex market this week.

He said that on Monday, the Bank intervened by offering 100 million dollars to authorised dealers at the forex auction in the interbank wholesale window.

- Advertisement -

He said that 41 million dollars was also sold for BTA, PTA, medical and tuition fees.

On the BDC segment, he said the Bank had sold 10,000 dollars each to BDCs to meet the needs of low-end users in the country.

According to Okorafor, 99.544 million dollars was also picked up by dealers out of the 100 million offered by the Bank during the last wholesale auction on Friday.

Meanwhile, operators in the Bureau De Change (BDC) segment have duly funded their accounts with the CBN in anticipation of picking up the dollar equivalent of 10,000 on Tuesday.

Market analysts believe that the CBN may continue its special intervention in the market with the sale of more dollars to BDCs, thereby bringing down the price of Dollar.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBN
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Leicester Player Did Not Make Me Lose My Job – Claudio Ranieri
Next Article Arsenal Defeat By Crystal Palace is a ‘big worry’ – Wenger

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Two Firefighters Killed in Idaho Wildfire Ambush as Gunman Opens Fire
International
FG Rewards 18 Civil Servants with Cars, Laptops for Outstanding Service
News
FG Allocates N1.6tn to States, FCT for Infrastructure and Security Over 15 Months
News
PDP Crisis Deepens as Rival Factions Prepare for Separate NEC and National Caucus Meetings in Abuja
Politics Top stories
Dangote Refinery Unveils N720bn CNG Truck Fleet to Slash Fuel Costs, Save Nigeria Over N1.7trn Annually
Energy & Oil
- Advertisement -
Ad imageAd image

You May Also Like

Security

Nigerian Troops Neutralize Terror Kingpin Mai Dada, Recover Arms in Multi-Region Operations

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
News

NNPP Welcomes Possibility of Rabiu Kwankwaso Joining APC Amidst Ganduje’s Resignation

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
InternationalNews

Tinubu’s State Visit to Saint Lucia Marks Historic Diplomatic and Cultural Engagement, Presidency Clarifies

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?