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Nigeria’s Central Bank has declared that it will cease selling foreign currency to banks by the end of the year.
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CBN Governor Godwin Emefiele made the statement during a press conference held following the Banker’s Committee meeting on Thursday, February 10 in Abuja to unveil the apex bank’s new forex repatriation scheme, RT200.
Banks must start getting their currencies from export revenues, according to the CBN Governor.
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Emefiele expressed herself as follows:
“The era is coming to an end when, because your customers need 100million dollars in foreign exchange or 200 million dollars, you now want to pack all the dollars and pass it to CBN to give you dollars.
“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 your export proceeds.
“When those export proceeds come, we will fund them at 5% 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.”
The move, according to Emefiele, is in keeping with the CBN’s new goal to increase the country’s foreign reserves from non-oil export revenues.
“Nigeria cannot continue to depend on FX earnings to fund its import obligations from revenue coming from earnings from products where we cannot determine both price and quantity.”
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