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…
The Federal Government has announced the schedule for the 2024 Independence Day celebration. In a…
Newly evicted Big Brother Naija housemate Benjamin Olufemi, known as Ben, has shared his reasons…
Popular Nigerian gospel singer Dele Agbeyo, known professionally as Dele Gold, has been laid to…
The black market dollar to naira exchange rate for today, 30th September 2024, can be…
Good morning, Nigeria! Welcome to your daily news roundup of the top headlines making waves…
The Presidential Committee on Livestock Sector Reforms Implementation has submitted its inception report to President…
