Skip to main content

BREAKING: CBN To Stop Selling Forex To Banks This Year

 


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.

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.

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.

Source:The Nation

Comments

Post a Comment

Type your comments here

Popular posts from this blog

Asiwaju Bola Ahmed Tinubu, Wins Big In Governor Nyesom Wike's Local Government Area

The presidential candidate of the All Progressives Congress (APC) Asiwaju Ahmed Bola Tinubu, has won the Obio-Akpor, the Local Government Area of Governor Nyesom Wike in Rivers State by a landslide. Tinubu polled 80,239 votes to defeat the Candidate of the Labour Party (LP), Peter Obi, who came a distant second with 3,829 and the People’s Democratic Party (PDP), who got 368 votes.
Post a Comment
Read more

North Korea Confirms First COVID Outbreak

North Korea has confirmed its first COVID-19 death, and says hundreds of thousands of people have “fever”, in the first indication of the scale of the outbreak in its largely unvaccinated population. The nuclear-armed country announced on Thursday its first coronavirus outbreak since the pandemic began, moving into lockdown after it said people in the capital, Pyongyang, tested positive for the Omicron variant. “A fever whose cause couldn’t be identified explosively spread nationwide from late April,” the official Korean Central News Agency said on Friday. “Six persons died (one of them tested positive for the BA.2 sub-variant of Omicron),” it added. About 350,000 people have shown signs of “fever”, while 187,800 people are being treated in isolation, according to KCNA. Experts worry North Korea’s health system will be unable to cope with spread of COVID in an unvaccinated population, they also  believe the virus has been present in the country for some time, the authorities only a...
2 comments
Read more

The Academic Staff Union of Universities (ASUU) Extend Its Ongoing Strike Again

Despite heated negotiations at a meeting which was held at the union’s headquarters at the University of Abuja from Sunday till Monday morning. The Academic Staff Union of Universities (ASUU) has decided to extend its ongoing strike. Today marks the 196th day since the action strike began on February 14th, 2022.
1 comment
Read more