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Home Economy And Business

BREAKING: CBN Bans Sale Of Dollars To Commercial Banks

by NewsOnline Nigeria
February 11, 2022
in Economy And Business, Headline
0
New Naira Notes

Godwin Emefiele

CBN has moved to ban the sale of dollars (forex) to commercial banks by the end of 2022.

 

NewsOnline reports that the Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022.

 

ALSO: JAMB Introduces Self-Registration For UTME/DE 2022 Applicants

 

This online news platform understands that CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.

 

Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas.

 

The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.

 

Emefiele also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022.

 

The CBN, he said, would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.

Details Shortly…

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