At the Bankers Committee Press Briefing on Thursday, the Central Bank Governor, Godwin Emefiele, announced that the apex bank is stopping the sales of foreign currency to commercial banks.
Driving The News.
Announcing an initiative called The RT200 Programme, the Central Bank of Nigeria says it is time for commercial banks to source for their dollars, pounds sterling, euros and other currencies.
Expanding on The RT200 Programme, CBN said the programme entails policies and plans to enable the apex bank to attain its goal of US$200 billion in forex repatriation of non-oil exports for at most 5years. He added that the concessionary interest rate on intervention facilities would remain 5percent until 1st of March 2023.