CBN expresses commitment to forex expansion
According to Godwin Emefiele, the governor of the Central Bank of Nigeria, the banking industry is dedicated to increasing the country's supply of foreign currency.
Since its inception in February 2022, the RT200 program has made remarkable strides in the repatriation of export proceeds, he pointed out.
"I want to reassure you that the bank is committed to strengthening and expanding the supply of foreign exchange into the market," Emefiele stated.
Naturally, you all play a crucial role in the effort to increase the amount of foreign currency flowing into the economy.
"The Bankers' Committee and the CBN stand ready to partner with exporters, flying the flag of Nigeria in the international market, to help you achieve your goals."
Speaking in Lagos at the third iteration of the biennial RTt200 non-oil export summit with the topic "RT200: Challenges and prospects to success," he said that the CBN had made the decision to assess the program's progress since its commencement in the first half of 2022.
The program, he continued, sought to analyze the opportunities and problems related to the program and give practical solutions for its successful execution for improved results in the future.
According to data that is currently available, repatriation as a result of the program increased by 40%, from $3.0 billion in 2021 to $5.6 billion at the end of 2022.
"The momentum for 2023 is displaying both remarkable numbers and promising futures. A total of $1.7 billion was returned to the economy in the first quarter of 2023, and $790 million has been sold in the I&E window so far this year.
He claimed that everyone has a role to play in the initiative to increase the amount of foreign currency flowing into the economy.
The Bankers' Committee and the CBN are ready to work with exporters to help them accomplish their objectives, the governor said. "For exporters, flying the flag of Nigeria in the international market, we stand ready to partner with you to achieve your goals," he added.
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