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