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Commercial banks to source forex themselves as CBN sets to cut supply by end of 2022

Commercial banks to source forex themselves as CBN sets to cut supply by end of 2022

10 February, 2022

The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022.

The apex bank governor, Godwin Emefiele made this known in Abuja on Thursday, 10 February, at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.

Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas, The Nation reports.

The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
 

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.

The CBN, he said, would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.