CBN’s FX Programme Rakes In $60m In One Month

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

Managing Director of Fidelity Bank, Nneka Onyeali-Ikpe, made this known while briefing the media at the end of the Bankers Committee meeting in Abuja on Thursday.

Naija News reports that the RT 200 forex repatriation programme of the CBN is targeted at attracting $200 billion in forex repatriation into the country through the non-oil sector in the next five years.

Under the programme, the CBN says it is ready to prioritise and finance non-oil export businesses as banks are also to source the forex needs of their customers from the export window.

Speaking further, Onyeali-Ikpe stated that 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.

The Fidelity bank boss added that the money was only released on Thursday for this quarter and it is going to be paid quarterly.

On state governments’ participation, Onyeali-Ikpe said, “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.”