CBN to stop sale of foreign exchange to banks

Written by on February 11, 2022

The Central Bank of Nigeria (CBN) says it would stop the sale of foreign exchange to banks by the end of the year.

CBN Governor, Godwin Emefiele, said that the banks must begin to source their forex from export proceeds.

Emefiele said this at a briefing during the launch of the bank’s new forex repatriation scheme, RT200, held after the Banker’s Committee meeting on Thursday, in Abuja.

According to him, the decision was in line with the CBN’s new commitment to increase the country’s foreign reserves through proceeds from non-oil exports.

Kevin Madu

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