CBN To End Forex Sales To Commercial Banks In 2022
The Central Bank of Nigeria (CBN) has informed Deposit Money Banks (DMBs) that it will stop selling forex to them by the end of 2022.Information Guide Nigeria
According to BLUEPRINT, the CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the Bankers’ Committee Meeting where he introduced the RT200 Programme.
BLUEPRINT reports that Emefiele said an era has come for the banks to go out and source for forex by funding entrepreneurs with ideas.
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He added that CBN will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
According to BLUEPRINT, 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.Jamb Result
He added that international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
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