Fidelity Bank Plc has reaffirmed its commitment to 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 bank’s Executive Director, Northern Businesses, Hassan Imam spoke 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 Programme template provided to strengthen commodity exports.
Fidelity Bank’s Regional Bank Head, North West 1, Mannir Ringim re-emphasized its readiness to support the 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,’’ he said.
So, the initiative of the CBN is to leverage our non-oil products, especially in agriculture like the hibiscus flower, cashew nut sesame and many products for exports.