CBN to discontinue sale of forex to banks by year end

The Governor of the Central Bank of Nigeria, Godwin Emefiele has said that the apex bank will stop the sale of foreign exchange to banks by the end of the year.
According to Emefiele, banks must begin to source their forex from export proceeds.
“The era is coming to an end when, because your customers need 100 million dollars in foreign exchange or 200 million dollars, you now want to pack all the dollars and pass it to CBN to give you dollars.
“It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again go and generate your export proceeds.
“When those export proceeds come, we will fund them at 5% for you and they will earn rebait. Then you can sell those proceeds to your customers that want 100 million dollars. But to say you will continue to come to the Central Bank to give you dollars, we will stop it.”
He made the comments at a briefing during the launch of the bank’s new forex repatriation scheme, RT200, held after the Banker’s Committee meeting on Thursday, in Abuja.
The decision is in line with the CBN’s new commitment to boost the country’s foreign reserves through proceeds from non-oil exports.
“Nigeria cannot continue to depend on FX earnings to fund its import obligations from revenue coming from earnings from products where we cannot determine both price and quantity.”

Source: https://stocksng.com/cbn-to-stop-sale-of-forex-to-banks-by-year-end/


Notice: Function WP_List_Util::pluck was called incorrectly. Values for the input array must be either objects or arrays. Please see Debugging in WordPress for more information. (This message was added in version 6.2.0.) in /home/fundidqj/fundvinesecurities.com/securities/wp-includes/functions.php on line 6031

Related Posts

03

Nov
Business & Economy

ELITE WEALTH PLACEMENT FUND

Welcome to the Elite Wealth Placement Fund – a bespoke investment vehicle designed exclusively for high-net-worth individuals seeking attractive and tailored placement opportunities. Our fund is managed by a team of seasoned financial experts with a proven track record of delivering superior returns, while prioritizing risk management and long-term wealth preservation. As an exclusive member, you will […]

03

Nov
Business & Economy

PZ Cussons Nigeria Plc reports N113bn revenue, boosts profit after tax by 114% in one year

The Audited Financial Statement of PZ Cussons for the year ended 31 May 2023 show significant growth in the Company’s bottom line figures with 114% growth in its profit after tax for the 12 months period. The Group reported revenue of N113.964 billion for the 12 months period, up by 14.53% from N99.503 reported the previous year.[…]