Again, CBN Pumps Forex To SMEs, BDCs
The Central Bank of Nigeria, on Tuesday, pumped $280 million into the interbank market with a view to ensuring liquidity in the market and enhance access for genuine end users.
CBN director, Corporate Communications, Isaac Okorafor, confirmed the release yesterday in Abuja.
This came barely 24 hours the apex bank introduced the use of FORM X for the Small and Medium Enterprises, SMEs as a basic criteria to access foreign exchange.
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According to Okorafor, the FORM X requires just basic documentation, to ease their documentation challenges usually encountered by this category of businesses.
He noted the breakdown as follows, Basic Travel Allowance, Personal Travel Allowance, medical bills and tuition receives $80 million, while the Small and Medium Enterprises (SMEs) window receives $100 million.
Meanwhile, he expressed that the injection of $280 million by the CBN into the interbank market is asides the weekly $20,000 auction for bureau de change operators.
