The Central Bank of Nigeria (CBN), according to its governor, Godwin Emefiele, will discontinue selling foreign currency to banks by the end of the year.
After consulting with the Bankers’ Committee, Emefiele stated this at a press conference in Abuja on Thursday.
He also announced the launch of the bank’s RT200 FX program, which aims to increase non-oil exports’ foreign exchange inflows.
The RT200 FX policy stands for the ‘Race To $200billion in FX Repatriation into Nigeria’
When asked about the role of banks in the new policy, Emefiele said the banks would support it and that the CBN will end the period of dollar sales this year.
He believes that banks should get export revenues from exporters in order to provide services to their consumers (importers).
“The era is coming to an end when, because your customers need $100 million in foreign exchange or $200 million, you now want to pack all the dollars and pass it to CBN to give you dollars,” he said.
“It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again go and generate their export proceeds.
“When those export proceeds come, we will fund them at 5 percent for you, and they will earn rebait. Then you can sell those proceeds to your customers that want 100 million dollars. But to say you will continue to come to the Central Bank to give you dollars, we will stop it.”