Bank will begin the payment of refund for foreign exchange export proceeds or earnings says Godwin Emefiele
Written by News Room on April 11, 2022
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says the bank will begin the payment of refund for foreign exchange export proceeds or earnings to exporters.
Mr. Emefiele, who stated this at the weekend, said that the repayment will commence this week.
According to him, there are four sources through which foreign currency can be raised to fund Nigeria’s import duties, which include; revenue from crude, export proceeds, Diaspora remittances and maybe, foreign and direct portfolio investments.
Report says the banking and finance regulator had promised to pay 65-naira bonus for every one dollar of deported non-oil export proceeds sold at the Investors and Exporters (I&E) window, which is the official Foreign Exchange (FX) rate.