As the Central Bank of Nigeria resumes the sales of $100m weekly, after it was temporarily put on hold, it is expected that it will clear over $1bn foreign exchange demand backlog.
Merchant and asset management bank, FBN Quest, made the disclosure to investors via email notification on May 7 stating that the apex bank will among other things address the backlog of forex demand tabled before it.
The demand for dollars has been on the rise with resultant pressure on the local currency. This leaves those with import due obligations to scramble for the scarce hard currency available as forex providers have since exited.
Following the gradual easing of the lockdown directive on Lagos and Ogun states and the Federal Capital Territory, Abuja, the CBN in a new policy said it would provide $100m weekly to cater to SMEs importation
funding and school fees for parents who have children studying abroad.
It further stated that it has the capacity to sufficiently meet the needs of legitimate users of forex.
However, the Manufacturers Association of Nigeria said, “It was pretty difficult to source forex from all the available windows.
According to MAN, this was due to the drastic fall in oil revenues occasioned by the coronavirus pandemic.
It, therefore, called on the apex bank to “prioritize improved access to foreign exchange for operators in the real sector.”