{"id":147249,"date":"2022-02-11T08:38:14","date_gmt":"2022-02-11T07:38:14","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=147249"},"modified":"2022-02-11T08:54:23","modified_gmt":"2022-02-11T07:54:23","slug":"cbn-to-stop-dollar-sales-to-banks-godwin-emefiele","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/02\/11\/cbn-to-stop-dollar-sales-to-banks-godwin-emefiele\/","title":{"rendered":"CBN to stop dollar sales to banks &#8211; Godwin Emefiele"},"content":{"rendered":"<p>Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has disclosed that it will stop the sale of foreign exchange to banks by the end of the year.<\/p>\n<p>This was disclosed on Thursday by Emefiele<span data-preserver-spaces=\"true\">\u00a0at a press conference in Abuja after consultation with the Bankers Committee.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He also announced the introduction of the bank\u2019s RT200 FX programme to boost the country\u2019s foreign exchange inflow through non-oil exports.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The RT200 FX policy stands for the \u2018Race To $200billion in FX Repatriation into Nigeria\u2019.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">When asked about the role of play in the new policy, Emefiele said the banks would support the programme, adding that <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/07\/cppe-to-cbn-scrap-e-invoice-policy\/\">CBN<\/a> will end the era of dollar sales by this year.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said banks should generate export proceeds from exporters to give their importers.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe era is coming to an end when, because your customers need $100 million in foreign exchange or $200 million, you now want to pack all the dollars and pass it to CBN to give you dollars,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIt is coming to an end before or by the end of this year. We will tell them don\u2019t come to the Central Bank for foreign exchange again go and generate their export proceeds.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWhen those export proceeds come, we will fund them at 5 percent for you, and they will earn rebait. Then you can sell those proceeds to your customers that want 100 million dollars. But to say you will continue to come to the Central Bank to give you dollars, we will stop it.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said the new policy will be driven by five key anchors, including value-added export facility, non-oil commodities expansion facility, non-oil FX rebate scheme, dedicated non-oil export terminals, and a bi-annual non-oil export summit.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has disclosed that it will stop the sale of foreign exchange to banks by the end of the year. This was disclosed on Thursday by Emefiele\u00a0at a press conference in Abuja after consultation with the Bankers Committee. He also announced the introduction of the bank\u2019s [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":107138,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[658,6770,29823,18127],"class_list":["post-147249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cbn","tag-commercial-banks","tag-dollar-sales","tag-fx"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBN to stop dollar sales to banks - Godwin Emefiele<\/title>\n<meta name=\"description\" content=\"Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has disclosed that it will stop the sale of foreign exchange to banks by the end of the year.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/11\/cbn-to-stop-dollar-sales-to-banks-godwin-emefiele\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN to stop dollar sales to banks - Godwin Emefiele\" \/>\n<meta property=\"og:description\" content=\"Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has disclosed that it will stop the sale of foreign exchange to banks by the end of the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/11\/cbn-to-stop-dollar-sales-to-banks-godwin-emefiele\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/SodiqAdewaleChocomilo?mibextid=ZbWKwL\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-11T07:38:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-11T07:54:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/11\/ify_davies\/2021\/11\/14\/CBN.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sodiq Lawal Chocomilo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@OChocomilo\" \/>\n<meta name=\"twitter:site\" content=\"@withinnigeria\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sodiq Lawal Chocomilo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2022\\\/02\\\/11\\\/cbn-to-stop-dollar-sales-to-banks-godwin-emefiele\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2022\\\/02\\\/11\\\/cbn-to-stop-dollar-sales-to-banks-godwin-emefiele\\\/\"},\"author\":{\"name\":\"Sodiq Lawal Chocomilo\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/#\\\/schema\\\/person\\\/db8593431a99b3751c40316ba4b4a452\"},\"headline\":\"CBN to stop dollar sales to banks &#8211; 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