Business

CBN To Stop Sale Of Forex To Banks

Published

4 years ago

February 10, 2022

The Central Bank of Nigeria has revealed that it would stop the sale of foreign exchange to Deposit Money Banks by the end of the year.

According to the CBN Governor, Godwin Emefiele, banks must begin to source their forex from export proceeds, hence the need to support non-oil exporters in the country.

He pointed out that the decision was in line with the apex bank’s new commitment to boost the country’s foreign reserves through proceeds from non-oil exports.

He made this known at a press briefing on the launch of the bank’s new forex repatriation scheme, RT200, held after the Banker’s Committee meeting on Thursday, in Abuja.

RT200 which stands for Race to $200bn, is a set of policies, plans and programmes for non-oil exports that would enable the country generate $200 billion in forex repatriation, exclusively from non-oil exports, over the next 3 – 5 years, said the apex bank chief.

“Under the programme, which is to take effect immediately, the apex bank will provide concessionary and long-term loans for business people who are interested in expanding existing plants, or building new ones for the sole purpose of adding significant value to the non-oil commodities before exporting same.

“These loans will have a tenure of 10 years, with a two-year moratorium and an interest rate of 5 per cent,” he added.

Similar to the naira-for-dollar programme, the programme, he said, would also entail a forex rebate scheme where the exporters would be paid N5 for every dollar they put into the economy.

“Today, we are also announcing the introduction of the Non-Oil FX Rebate Scheme: a special local currency rebate scheme for non-oil exporters of semi-finished and finished produce, who show verifiable evidence of exports proceeds repatriation sold directly into the I & E window to boost liquidity in the market,” Emefiele said.

In recognition of the perennial problems of port congestion cited by exporters as a major impediment to improved operations and foreign exchange earnings, Emefiele noted that the CBN planned to establish a dedicated non-oil export terminal.

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Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

2 days ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

2 days ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 week ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.