Banking Sector Committed to Expanding Foreign Exchange Supply, says CBN Governor

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has stated that the banking sector is dedicated to expanding foreign exchange supply in the country.

Speaking at the third edition of the biannual RT200 non-oil export summit in Lagos, Emefiele noted that the RT200 programme had made significant progress in export proceed repatriation since its establishment in February 2022.

According to the Governor, the CBN is committed to strengthening and expanding foreign exchange supply into the market, and everyone is important in the clarion call of expanding the supply of foreign exchange inflow into the economy. Emefiele also assured exporters of the Bankers’ Committee and the CBN’s readiness to partner with them to achieve their goals.

Emefiele stated that the RT200 programme aimed to identify the challenges and opportunities associated with the programme and proffer workable solutions for successful implementation of the programme for greater results going forward. The Governor also revealed that available data shows that repatriation due to the programme increased by 40% from $3.0bn in 2021 to $5.6bn at the end of 2022.

Emefiele further stated that the momentum for 2023 is equally showing strong numbers and impressive prospects. In the first quarter of 2023, a total of $1.7bn was repatriated to the economy, while about $790m was sold at the I&E window year-to-date.

The CBN Governor called on all stakeholders to join hands with the banking sector to expand foreign exchange supply in the country. For exporters, Emefiele reassured them of the Bankers’ Committee and the CBN’s support to help them achieve their goals in the international market.