RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Banking

After banning BDCs, CBN decided to stop sale of FX to Banks

Rate Captain by Rate Captain
February 11, 2022
in Banking, Business, Currencies, News
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Months after the  sale of Fx to BDC ban, the Central Bank of Nigeria stated  that it would discontinue the sale of foreign exchange to Deposit Money Banks by the end of the year.

This was disclosed by the Governor of the Central bank of Nigeria, Godwin Emefiele at the BANKERS’ COMMITTEE PRESS BRIEFING today.

AlsoRead

BNP Paribas has joined JPMorgan’s blockchain-based network.

MTN Nigeria now more valuable than all Nigerian Banks combined

Oil Marketers, Airlines reach loggerheads over local Aviation Price

This is coming after CBN outlawed the sale of foreign exchange (forex) to Bureaux De Change (BDC) operators in July 2021.

The CBN governor opined that the BDCs  have become somewhat, greedy, by taking abnormal profit, which has further affected the exchange rate of the country.

Yesterday, He stated that banks must begin to source their forex from export revenues, implying that non-oil exporters in the country must be supported.

Emefiele  said the decision was in accordance with the central bank’s new commitment to increase the country’s foreign reserves through non-oil export profits.

RT200, or Race to $200 billion, is a set of strategies, plans, and programs for non-oil exports that, according to the apex bank president, will enable the government to produce $200 billion in currency repatriation, only from non-oil exports, over the next 3–5 years.“ Under the programme, which is to take effect immediately, the apex bank will provide concessionary and long-term loans for business people who are interested in expanding existing plants, or building new ones for the sole purpose of adding significant value to the non-oil commodities before exporting same.

“These loans will have a tenure of 10 years, with a two-year moratorium and an interest rate of 5 per cent,” he added.

The program , he said, would include a forex rebate plan in which exporters would be rewarded N5 for every dollar they put into the economy, similar to the naira-for-dollar scheme.

He said, “Today, we are also announcing the introduction of the Non-Oil FX Rebate Scheme: a special local currency rebate scheme for non-oil exporters of semi-finished and finished produce, who show verifiable evidence of exports proceeds repatriation sold directly into the I & E window to boost liquidity in the market,”

Emefiele remarked that the CBN planned to create a specialized non-oil export terminal in acknowledgment of the persistent problems of port congestion recognized by exporters as a major hindrance to enhanced operations and foreign exchange profits.

Previous Post

CBN pushes the single-digit interest rates on intervention facilities to 2023

Next Post

Gold meets the bears ahead of inflation data

Related News

BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

by Rate Captain
May 23, 2022
0

French banking giant BNP Paribas (EPA) has joined JPMorgan's (JPM) blockchain-based network for fixed income market trading, according to a...

MTNN Share Price gains 1.21% after CBN granted the final approval of its MoMo PSB

MTN Nigeria now more valuable than all Nigerian Banks combined

by Rate Captain
May 23, 2022
0

is now worth N5 trillion making it more valuable than all banks, insurance companies, and the entire financial services companies...

MOMAN Debunks Rumor of Aviation Fuel Selling at N700 per Litre

Oil Marketers, Airlines reach loggerheads over local Aviation Price

by Rate Captain
May 20, 2022
0

  Nigerian airline operators are currently at cross-purposes with oil marketers over the rising prices of the aviation fuel, also...

Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

by Rate Captain
May 20, 2022
0

On Thursday, 19 May 2022, The Nigerian naira closed at N420.33/$1 to the dollar at the official Investors and Exporters...

Next Post

Gold meets the bears ahead of inflation data

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

May 23, 2022
CBN say Nigeria would reap the benefits of a rising oil price

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

May 23, 2022

Popular Story

  • Tether, USDT market cap has dropped by US$10B since UST collapse

    Tether, USDT market cap has dropped by US$10B since UST collapse

    0 shares
    Share 0 Tweet 0
  • Experts predicts the death of Shiba Inu

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria now more valuable than all Nigerian Banks combined

    0 shares
    Share 0 Tweet 0
  • Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

    0 shares
    Share 0 Tweet 0
  • BNP Paribas has joined JPMorgan’s blockchain-based network.

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.