BREAKING: CBN To Stop Selling Forex To Banks (See When)

BREAKING: CBN To Stop Selling Forex To Banks (See When)

The Central Bank of Nigeria, CBN, has alerted the Deposit Money Banks, DMBs, that it would stop selling forex to them by the end of 2022.

The CBN Governor, Godwin Emefiele, made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.

According to Mr Emefiele, the time has come for the banks to source for forex by funding entrepreneurs with ideas.

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Mr Emefiele added that the CBN would support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.

Mr Emefiele said the RT200 FX Programme is geared towards getting $200 billion in FX repatriation.

The CBN governor noted that the RT200 Programme will have the following five key anchors: Value-Adding Exports Facility, Non-Oil Commodities Expansion Facility, Non-Oil FX Rebate Scheme, Dedicated Non-Oil Export Terminal and Biannual Non-Oil Export Summit.

Mr Emefiele said: “After careful consideration of the available options and wide consultation with the Banking Community, the CBN is, effective immediately, announcing the Bankers’ Committee “RT200 FX Programme”, which stands for the “Race to US$200 billion in FX Repatriation”.

Mr Emefiele stated that the new policy is directed at the non-oil export sector.

He said, “the RT200 FX Programme is a set of policies, plans and programmes for non-oil exports that will enable us attain our lofty yet attainable goal of US$200 billion in FX repatriation, exclusively from non-oil exports, over the next 3-5 years.”

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