Saturday, April 16, 2022

Forex scheme 1month after: CBN’s rakes $60m - ITREALMS

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The Central Bank of Nigeria’s (CBN) through its forex programme has raked in some $60 million after one month of active implementation, ITREALMS has gathered.

The Managing Director, Fidelity Bank, Nneka Onyeali-Ikpe, disclosed this while briefing the media at the end of the Bankers Committee meeting in Abuja.

ITREALMS also gathered that the RT 200 forex repatriation scheme of the CBN is targeted at attracting some $200 billion into the country through the non-oil sector in the next five years.

According to CBN, the scheme is to prioritise and finance non-oil export businesses as banks are also to source the forex needs of their customers from the export window.

As said by Onyeali-Ikpe, a total of 150 exporters who are customers of banks in the country have received N35 million as a rebate into their accounts on Wednesday.

She also said that the money was only released on Thursday for this quarter and it is going to be paid quarterly.

"The only state government that has concluded its own is Plateau State. All the other state governments are at different levels of engagement. This policy is only one month old. The export zone is not very easy.

"So we expect that it will take a little more time but that option is available to the state governments as an incentive for them to set up export processing zones and terminals that would help the export products to get to the work very quickly and to be exported on time."

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