FRI 11 FEB, 2022-theGBJournal- The Central Bank of Nigeria (CBN) has announced plans for a sweeping change to its foreign exchange sales policy.
The governor of the apex bank, Godwin Emefiele told bankers that it will longer sell foreign exchange to them by the end of the year. He made the revelation during a press briefing on the launch of the bank’s new forex repatriation scheme, RT200 held after the Bankers’ Committee meeting on Thursday in Abuja.
Bankers theGBJournal spoke to shortly after the surprising announcement say they are shocked and they will await further directive on the new policy.
The country’s money deposit banks has always been the major recipients of CBN’s foreign exchange sale but has also often been accused of round-tripping.
Emefiele told the banks to begin to source their forex from export proceeds while the apex continues its support for non-oil exporters in the country.
The governor noted that the decision was in line with the CBN’s new commitment to boost the country’s foreign reserves through proceeds from non-oil exports.
According to the governor, the RT200 which stands for Race to $200bn is a set of policies, plans and programmes for non-oil exports that will enable the country to generate $200bn in forex repatriation, exclusively from non-oil exports, over the next three to five years,.
Under the programme, which is to take effect immediately, the CBN bank will provide concessionary and long-term loans for businesses interested in expanding existing plants or building new ones for the sole purpose of adding significant value to the non-oil commodities before exporting same.
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