CBN To Stop Selling Forex To Banks By End Of 2022.

cbn forex

The Central Bank of Nigeria (CBN) announced on Thursday that it will stop selling forex to Deposit Money Banks (DMBs) by the end of 2022.

Taculia 9Ja reports that this development was revealed by the CBN Governor Godwin Emefiele in Abuja at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.

The Apex bank governor, advised banks to go out and source for forex by funding entrepreneurs with ideas.

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Emefiele maintained that CBN will support the banks by granting rebates and other support; until the banks are in a position of sourcing their forex by themselves.

He said the CBN’s policies and measures have led to a significant improvement in diaspora inflow. Which moved 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.

According to him, the CBN is going to review these intervention programmes and move forward to ensure that they continue to achieve the desired results.

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