CBN pledges to expand foreign exchange supply
The Governor of the Central Bank of Nigeria, Godwin Emefiele, says the banking sector is committed to expanding foreign exchange supply in the country.
Emefiele was speaking at the third edition of the biannual RT200 non-oil export summit with the theme, ’RT200: Challenges and prospects to success’ in Lagos, Southwest Nigeria.
He noted that the RT200 programme has made good progress in export proceed repatriation since its establishment in February 2022.
Emefiele said, “I want to assure you that the bank is committed to strengthening and expanding foreign exchange supply into the market.
“Naturally, you all are important in this clarion call of expanding the supply of foreign exchange inflow into the economy.
“For exporters, flying the flag of Nigeria in the international market, the Bankers’ Committee and the CBN stand ready to partner with you to achieve your goals.”
Furthermore, Emefiele said the CBN decided to review the progress made so far, from inception of the programme in the first half of 2022 to date.
The programme, he added, seeks to x-ray the challenges and opportunities therein, and proffer workable solutions for successful implementation for greater results going forward.
Emefiele said, “Available data shows that repatriation due to the programme increased by 40 per cent from $3.0bn in 2021 to $5.6bn at the end of 2022.
“The momentum for 2023 is equally showing strong numbers and impressive prospects. In the first quarter of 2023, a total of $1.7bn was repatriated to the economy while about $790m was sold at the I&E window year-to-date.”
He said everyone was important in the call of expanding the supply of foreign exchange inflow into the economy.
“For exporters, flying the flag of Nigeria in the international market, the Bankers’ Committee and the CBN stand ready to partner with you to achieve your goals,” the governor said.
Punch/Hauwa Abu
