The Central Bank of Nigeria (CBN) On Thursday, announced that it will stop selling forex to Deposit Money Banks by the end of 2022.
The new development was announced by the Central Bank Governor, Godwin Emefiele in Abuja at the end of the Bankers’ Committee meeting where he also introduced the RT200 Programme.
Emefiele added that banks need to begin to source forex by funding entrepreneurs with ideas.
He however said that the apex bank will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
The Governor noted that CBN’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.
According to him, the CBN would review these intervention programmes going forward to ensure that they continue to achieve the desired results.
Godwin Emefiele is a Nigerian economist who has been serving as the Governor of the Central Bank of Nigeria since June 4, 2014.
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