CBN to stop forex sale to banks by December targets $200bn non-oil exports

The Central Bank of Nigeria has revealed that it will stop the sale of foreign exchange to Deposit Money Banks by the end of the year.

The CBN Governor Godwin Emefiele said banks must begin to source their forex from export proceeds, hence the need to support non-oil exporters in the country.

He pointed out that the decision was in line with the apex bank’s new commitment to boost the country’s foreign reserves through proceeds from non-oil exports.

He made this known at a press briefing on the launch of the bank’s new forex repatriation scheme, RT200 held after the Bankers’ Committee meeting on Thursday in Abuja.

– Punch