Market Update

CBN opens special forex window for SMEs … shortens forex settlement period as naira weakens

 

The Central Bank of Nigeria on Monday said it had opened a special foreign exchange window for the Small and Medium Enterprises. The window would enable them to import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter.

The Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor, who disclosed this in a statement, explained that the apex bank’s special intervention was necessitated by its findings that a large number of the SMEs were being crowded out of the forex space by large firms.

 

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Market Update

CBN opens special forex window for SMEs … shortens forex settlement period as naira weakens

 

The Central Bank of Nigeria on Monday said it had opened a special foreign exchange window for the Small and Medium Enterprises. The window would enable them to import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter.

The Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor, who disclosed this in a statement, explained that the apex bank’s special intervention was necessitated by its findings that a large number of the SMEs were being crowded out of the forex space by large firms.

 

Read More

 

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.