SMEs Get $100 Million FOREX Sales.

The Central Bank of Nigeria (CBN) on Tuesday gave relief to Small and Medium Enterprises (SMEs) involved in importation of critical and eligible finished and semi-finished goods with spot sales of $100 million to them.

It further released its results of 7 – 30 days forwards wholesale of $100million, as authorized dealers subscribed fully to the $100 million offered by it at the forex auction in the interbank wholesale window on Monday, April 10, 2017.

The Acting Director, Corporate Communications at the CBN, Isaac Okorafor explained that the new window for SMEs provides small scale importers an avenue to source forex to boost their respective businesses through the importation of eligible finished and semi-finished items.

However, the SMEs are restricted from transacting more than $20,000 per quarter.

According to him, “The sum of $20,000 per SME customer per quarter can be effected by telegraphic transfer subject to completion of Form ‘M’ supported with proforma Invoice and the importer’s Bank Verification Number.