By John Ikani
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has disclosed that banks in the country will soon be directed to source for their foreign exchange independently, instead of the current practice of running to the apex bank for FX.
Emefiele made the disclosure in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
According to him, the time had come for the banks to source for forex by funding entrepreneurs with ideas.
He however noted that the CBN will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
Introducing the RT200 Programme, Emefiele said it is a set of policies, plans and programmes for non-oil exports that will enable the nation attain our lofty yet attainable goal of US$200 billion in FX repatriation, exclusively from non-oil exports, over the next 3-5 years.
According to him, the RT200 programme will have the following five key anchors: Value-Adding Exports Facility, Non-Oil Commodities Expansion Facility, Non-Oil FX Rebate Scheme, Dedicated Non-Oil Export Terminal and biannual Non-Oil Export Summit.
Emefiele also said “although interest rates on our various intervention facilities were expected to revert to 9 per cent effective March 1, 2022, we are announcing that the rates would remain at 5 per cent for another year in view of the promising trajectory we have established in economic growth and job creation.
“In effect, the concessionary interest rate of 5 per cent on our intervention facilities would now be extended until March 1, 2023.”