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CBN to stop sale of forex to banks in end of 2022
<h4><span style="font-size: 14pt;">The Central Bank of Nigeria has announced that it would stop sale of forex to banks by the end of the year, 2022.</span></h4>
<p><span style="font-size: 14pt;"><img class="aligncenter wp-image-19109 size-full" src="https://thedailypage.ng/wp-content/uploads/2022/02/CBN-Governor.jpeg" alt="CBN to stop sale of forex" width="701" height="438" /></span></p>
<p><span style="font-size: 14pt;">This was made known to the public by <span style="color: var(--c-contrast-800);">CBN Governor, Godwin Emefiele during the launch of the apex bank’s new forex repatriation scheme, RT200, held after the Banker’s Committee meeting on Thursday February 10, in Abuja.</span></span></p>
<p><span style="font-size: 14pt;">According to him, the Apex bank would stop sale of forex in order to boost the country’s foreign reserves through proceeds from non-oil exports.</span></p>
<p><span style="font-size: 14pt;">He said, &#8220;<span style="color: var(--c-contrast-800);">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.</span></span></p>
<p><span style="font-size: 14pt;">“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.</span></p>
<p><span style="font-size: 14pt;">“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.”</span></p>