Fidelity Bank Plc, a leading Nigerian bank, has reaffirmed its commitment to actively support the Central Bank of Nigeria’s (CBN) efforts to achieve its goal of $200 billion in Foreign Exchange (FX) repatriation from non-oil exports over the next five years.
The Executive Director, Northern Businesses, Fidelity Bank Plc, Hassan Imam made this known on Monday in Kano at a workshop for exporters and investors on the implementation and opportunities in the new CBN RT200 FX Policy.
Imam stated that the financial institution would not relent in its efforts to bridge the knowledge gap in the non-oil sector space by facilitating the necessary processes and documentation for the new policy, with the goal of increasing FX repatriation through exportation.
The CBN had unveiled the RT200 FX Programme on February 10, 2022, as part of measures to reduce the increasing demand for foreign currency by importers, which frequently puts excessive pressure on the exchange rate.
With the implementation of this policy, the CBN has stated that the supply of foreign currency to commercial banks will cease by the end of 2022, while investors will be able to generate forex through the RT200 FX Program template provided to strengthen commodity exports.
The Regional Bank Head, North West 1, Fidelity Bank Plc, Mannir Ringim re-emphasised the bank’s readiness to support government’s economic imperatives to boost revenue in non-oil sector of the economy.
“As you know Nigeria is currently an import-dependent economy with so much pressure on our currency and the source of revenue as a nation is petrol dollar. So, the initiative of the CBN is to leverage on our non-oil products especially in agriculture like hibiscus flower, cashew nut sesame and many other products for exports.
“Now, Fidelity Bank wants to remain the exporters’ bank of choice not only by providing finance but by helping exporters in bridging the knowledge gap in exporting their commodities. We are committed to this initiative to improve our economy, reduce pressure on local currency and provide an enabling environment to grow the non-oil sector to also create massive job opportunities”, Ringim explained.
Speaking on the need for strategic planning in the non-oil sector, Head of Export and Agric Businesses at Fidelity Bank, Isaiah Ndukwe said the bank is well positioned to advance the CBN policy thrust to reduce our over-dependence on oil revenue in the country.
He stated that the bank is committed to improving the banking system’s competitiveness while focusing on developing exporters’ capability in the fundamentals of local commodity exportation. Isaiah emphasized that the new policy will not only reshape exporters’ mindsets, but will also infuse value addition on their commodities, allowing them to earn more forex.
According to him, the workshop tagged, Harnessing Export Business Opportunities, CBN RT200 FX Programme: current issues, non-oil exports and implications to business; drew inspiration on the policy’s guidelines.
The guidelines involve the provision of a single digit credit facility to exporters, provision of rebates on foreign currency, funding of commodity production and value-addition processes, building terminals and the convening of a biannual summit for the review of the implementation of the policy.
Exporters at the sensitization event expressed satisfaction on the capacity-building initiative as it enabled them to get acquainted with the CBN policy and opportunities in export business.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6million customers who are serviced across its 250 business offices and digital banking channels.
Central Bank of Nigeria Postpones 293rd Monetary Policy Committee Meeting
The Central Bank of Nigeria (CBN) has announced the postponement of its 293rd Monetary Policy Committee (MPC) meeting, originally scheduled for September 25th and 26th, 2023.
Dr. Isa AbdulMumin, the bank’s Director of Corporate Communications, released a statement on Thursday confirming the decision.
In the statement, Dr. AbdulMumin stated, “The Monetary Policy Committee of the Central Bank of Nigeria has deferred its 293rd meeting, which was initially planned for Monday and Tuesday, September 25th and 26th, 2023, respectively. A new date will be communicated in due course. We regret any inconvenience this change may cause our stakeholders and the general public.”
While the CBN did not provide an official reason for the postponement, some industry experts suggest it may be related to the pending approvals for the newly appointed governor and deputy governors of the bank.
President Bola Tinubu recently nominated Yemi Cardoso as the potential head of the CBN. Additionally, Tinubu has endorsed the nominations of four new deputy governors for the apex bank, who are expected to serve for an initial term of five years, pending confirmation by the Senate.
The nominated deputy governors are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello. However, the appointment of the CBN governor is contingent upon Senate confirmation, which is currently on a yearly recess.
The CBN assures stakeholders and the public that the rescheduled MPC meeting date will be communicated promptly as soon as it is confirmed.
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