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CBN To Stop Sale Of Forex To Banks By December

The Central Bank of Nigeria will from December this year stop the sale of foreign exchange to Deposit Money Banks in the country.

The CBN Governor, Mr Godwin Emefiele disclosed this at a press briefing on the launch of the bank’s new forex repatriation scheme, RT200.

Emefiele said that all banks must begin to source their forex from export proceeds, adding that this has necessitated the need to support non-oil exporters in the country.

He pointed out that the decision was in line with the apex bank’s new commitment to boost the country’s foreign reserves through proceeds from non-oil exports.

Emefiele said the bank is implementing a new RT200 regime which stands for Race to $200bn adding that this would enable the country generate $200bn in forex repatriation, exclusively from non-oil exports, over the next three to five years.

He said, “In the new era, banks don’t have a choice, and I said so in the meeting this morning. I said the era is coming to an end because your customer needs $100m FX or $200 million; and you want to pack all the dollars and pass it to the CBN to give you dollars.

” It is coming to an end because before or about the latest end of this year. We will tell them don’t come to CBN for FX again, go and fund, generate your export proceeds.

“Fund people who want to generate export proceeds, when those export
proceeds come, we will fund them at five per cent for you. When those export proceeds come, they will earn a rebate. That’s how we can help you.

“When those proceeds come, sell them to your customers, but to say that;you will continue to come to CBN to give you dollars, we will stop it so they don’t have a choice.”

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