The Central Bank of Nigeria (CBN) has warned depository banks (DMBs) that it will stop selling foreign exchange to them by the end of 2022.
CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers Committee meeting where he also presented the RT200 program.
Emefiele said now is the time for banks to go out there and source foreign currency by funding entrepreneurs with ideas.
The CBN, Emefiele said, will support the banks by providing rebates and other forms of support until the banks manage to supply themselves with foreign currency.
Emefiele also revealed that the policies and measures of the apex bank have led to a significant improvement in the inflow of the diaspora, from an average of 6 million US dollars per week in December 2020 to an average of more than 100. million US dollars per week by January 2022.
The CBN, he said, would review these intervention programs in the future to ensure that they continue to achieve the desired results.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal foreign exchange transactions that have hampered the flow of foreign currency into the country.