The Central Bank of Nigeria has disclosed plans to make foreign exchange available to help boost economic activities.
The CBN governor, Godwin Emefiele, disclosed this on Wednesday in a singular tweet.
” CBN to make forex available for activities that would boost the economy and generate jobs for Nigerians,” Emefiele said.
Businesses have been struggling with accessing foreign exchange for their operations with forex undersupplied due to the reduction in the apex bank’s intervention in the market.
CBN intervention used to be $250 million every two weeks, but the central bank’s newly announced intervention is $100 million per week for critical export activities.
The coronavirus -induced economic crisis, which led to a fall in crude oil prices, has affected the country’s foreign exchange revenue from oil export. Oil export constitutes about 90% of the country’s foreign exchange revenue.