CBN To Stop Selling Forex To Banks In 2022

The Central Bank of Nigeria (CBN) on Thursday announced that it will stop selling forex to Deposit Money Banks (DMBs) by the end of 2022.

Naija News reports that this was made known by the CBN Governor Godwin Emefiele.

He stated this in Abuja at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.

According to the Apex bank governor, banks need to go out and source for forex by funding entrepreneurs with ideas.

Emefiele said the CBN will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.

He said the 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.