Deposit Money Banks (DMBs) has just received a notice from the Central Bank of Nigeria (CBN) saying that, it will stop selling forex to them by the end of 2022.
This was announced in Abuja on Thursday by CBN Governor; Godwin Emefiele 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 programs going forward to ensure that they continue to achieve the desired results.
More details later…