Central Bank of Nigeria to end foreign exchange supply to banks.

Written by on February 12, 2022

The Central Bank of Nigeria (CBN), has commenced the implementation of a set of policy actions to raise 200 billion dollars in foreign exchange (FX) earnings from non-oil export in the next three to five years.

According to CBN, the target, which will be driven in partnership with the Bankers’ Committee, is inspired by the bank’s aspiration to end its role as the sole supplier of FX.

The bank, through streams of coordinated activities, seeks to make the deposit money banks (DMBs) self-sufficient in meeting the FX needs of their customers by the end of this year.

Introducing the scheme at the Bankers’ Committee press briefing, on Friday, Governor of CBN, Godwin Emefiele, said the country could not continue to rely on earnings from commodity whose production quantity and price it cannot control to fund its import obligations.

Thus, he said, efforts must be made to return to the pre-crude era when import bills were paid from non-oil commodity export earnings.

Amen J Kantiyok

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