Categories: Latest News

BREAKING: CBN to stop selling Forex to banks by end of 2022 – Emefiele

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.

CBN Governor Godwin Emefiele made this known in Abuja on Thursday 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 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.

Details Shortly…

Treasure Orokpo

A multi-talented individual with a passion for diverse fields, Treasure Orokpo is a trained journalist, skilled cook, and AI enthusiast. When she's not uncovering the latest stories, you can find her whipping up culinary creations in the kitchen and entertainment.

Recent Posts

Food insecurity crisis: UN predicts 7 million more hungry Nigerians by August 2025

The United Nations (U.N.) has projected that an additional 7 million Nigerians will face hunger…

6 hours ago

Latest update on fuel price hike, fuel scarcity for November 2nd, 2024

As Nigerians express their frustrations over the recent fuel price hikes by the Nigerian National…

6 hours ago

Electricity restored in Yobe, Borno States as TCN completes transmission line repairs

The Transmission Company of Nigeria (TCN) has announced the full restoration of electricity supply to…

6 hours ago

Naira appreciates by 0.52% against Dollar, closing at N1,666.72

The Naira experienced an appreciation on Friday at the official market, with a trading rate…

6 hours ago

Tinubu, Jonathan, Peter Obi, others mourn Chief Iwuanyanwu at funeral service

President Bola Tinubu, alongside an assembly of prominent dignitaries, paid final respects to the late…

6 hours ago

I believe in family, not divorce – May Edochie addresses critics

May Edochie, the estranged wife of Nollywood actor Yul Edochie, has addressed misconceptions some men…

7 hours ago