Godwin Emefiele, The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said the CBN will stop the sale of foreign exchange to banks by the end of the year.
The CBN Governor made this statement at a press conference in Abuja after consultation with the Bankers’ Committee.
Emefiele announced the introduction of the bank’s RT200 FX programme to boost the country’s foreign exchange inflow through non-oil exports.
The RT200 FX policy stands for the ‘Race To $200billion in FX Repatriation into Nigeria’.
Emefiele said “The era is coming to an end when, because your customers need $100 million in foreign exchange or $200 million, you now want to pack all the dollars and pass it to CBN to give you dollars,”
He reiterated that “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 their export proceeds.”
“When those export proceeds come, we will fund them at 5 percent 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 said the new policy will be driven by five key anchors, including value-added export facility, non-oil commodities expansion facility, non-oil FX rebate scheme, dedicated non-oil export terminals, and a bi-annual non-oil export summit.