CBN To End Forex Sales To Nigerian banks

The Central Bank of Nigeria (CBN) has said that it would cease feeding commercial banks with hefty foreign exchange (forex) before year end, urging them to source forex themselves to operate.

This was as the Bankers Committee unveiled the “Race to $200 billion in FX Repatriation” programme (RT200 FX), an initiative that aggregates a set of policies, plans and projects for non-oil exports that will enable Nigeria rake in $200 billion in foreign exchange, exclusively from non-oil exports, over the next three to five years.

CBN Governor, Mr Godwin Emefiele, made the disclosures in Abuja at a media briefing on Thursday.

According to him, “the era is coming to an end when because your customers need $100 million demand for FX or $200 million and you want to pack all the dollar and pass it to the CBN to give you dollar. It is coming to an end. Before or latest end of this year, we will end it. Don’t come to CBN for FX again. Go and generate your own export proceeds. Fund those who want generate export proceeds.”

-Sunnews