Godwin Emefiele, the governor of the Central Bank of Nigeria stated this on Thursday in Abuja at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
Deposit money banks in Nigeria, will, by the end of 2022, have to source forex by themselves, the apex bank has said.
Godwin Emefiele, the governor of the Central Bank of Nigeria stated this on Thursday in Abuja at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
According to him, by the end of this year, the Central Bank will stop selling forex to the banks.
Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas.
He, however, noted that the CBN will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
Emefiele also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022.
The CBN, he said, would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.