Sale of forex to banks will end soon ― CBN

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has disclosed that very soon, banks in the country will be directed to source for their foreign exchange independently, instead of the current practice of running to the apex bank for FX.

The Central Bank of Nigeria Governor, Mr Godwin Emefiele who disclosed this in Abuja Thursday after the Bankers’ Committee meeting said the programme is designed to boost the country’s foreign exchange.

He also announced after due consultation with the banking community that the Bankers’ Committee “RT200 FX Programme”, which stands for the “Race to US$200 billion in FX Repatriation.

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

He said this was done after careful consideration of the available options and wide consultation with the Banking Community.

He added 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 also said “although interest rates on our various intervention facilities were expected to revert to 9 per cent effective March 1, 2022, we are announcing that the rates would remain at 5 per cent for another year in view of the promising trajectory we have established in economic growth and job creation.

“In effect, the concessionary interest rate of 5 per cent on our intervention facilities would now be extended until March 1, 2023.”

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