Connect with us

Headlines

CBN announces new programme to attract $200bn foreign exchange annually

Published

on

CBN to stop sale of foreign exchange to banks by end of 2022

By Matthew Eloyi

The Central Bank of Nigeria (CBN) has launched a foreign exchange programme endorsed by the Bankers’ Committee to assist the country in repatriating $200 billion in foreign currency per year.

At the post-Bankers’ Committee meeting in Abuja on Thursday, CBN Governor, Godwin Emefiele revealed the idea dubbed “RT200 FX scheme.”

The move comes as part of the country’s aggressive effort to boost foreign exchange earnings.

Foreign exchange crunch is depleting the value of the naira as well as the Nigerian foreign exchange reserves.

Nigeria earns foreign currency from foreign portfolio and direct investment, crude oil import receipts, diaspora remittances, and export proceeds.

The sources were badly hit by the Covid-19 pandemic in 2020 and Nigeria has not recovered fully from the negative impact of the crisis.

Emefiele said, “For the inadequacy of FX supply and the constant pressure on the exchange rate, we believe that the lessons we have learnt from our policies on remittances can be applied in improving some aspects of our FX inflow into the country.

Emefiele lamented that the four sources are unreliable as they are prone to global economic developments.

In his words, “We have all been witnesses to the ever-changing fortunes of oil exporting countries. In order to avoid these sudden adjustments to our economic life, we need to focus as a nation on strategies that can help us gain more stable and sustainable foreign exchange inflows into our country.

“After careful consideration of the available options and the wide consultation of the banking community, the CBN is effectively announcing the Bankers Committee RT200 FX Programme which stands for the ‘Race to $200bn in FX’ repatriation into Nigeria.

“The RT200 FX programme is the set of policy plans and programmes for non-oil exports that will enable us attain a lofty yet attainable goal of $200bn in FX repatriation exclusively from non-oil exports over the next three to five years and we are optimistic that this can be achieved.”

Emefiele disclosed that the RT200 FX programme will have five key anchors which include: value adding exports facility; non-oil commodities expansion facility; non-oil FX rebate scheme; dedicated non-oil export terminal and bi-annual non- oil export summit.

He said “the value adding exports facility will provide stationary and long-term funding for business people who are interested in expanding existing plants or building brand new ones for the sole purpose of adding significant value to our non-oil commodities before exporting the same abroad.”

The CBN Governor said this is because Nigeria has missed out in the foreign exchange that could be generated from the export of value added commodities.

For instance, Emefiele said Nigeria produces about 770,000MT of sesame seed, cashew and cocoa and only 12,000MT are consumed locally, while the rest are exported.

“The unfortunate thing is that out of the 758,000MT that are exported annually, only 16.8 per cent is processed. The rest are exported as raw sesame, raw cocoa and raw cashew, thereby giving Nigerian farmers an infinitesimal part of the value chain in this product,” said the CBN boss.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Gombe gov. congratulates new NUJ National President

Published

on

Gov. Inuwa Yahaya of Gombe State has congratulated Alhassan Yahya on his election as National President of Nigeria Union of Journalists (NUJ).

Yahaya, in a congratulatory message issued to newsmen on Thursday in Gombe, expressed joy over Yahya’s ‘resounding victory’ at the just-concluded 8th Triennial Delegates’ Conference in Owerri, Imo.

The governor, in the statement issued by his Media Aide, Mr Ismaila Uba-Misilli, described Alhassan’s victory as a remarkable achievement and source of immense pride for the state and the entire journalism community.

He praised Alhassan’s journey and impressive rise in the NUJ leadership.

“From your humble beginning at the chapel level, to the state, zonal and now the national level, you have showed consistency, demonstrated unmatched courage, integrity and passion for journalism and the welfare of journalists.

“Your election as the national president of NUJ is a reflection of the trust journalists across Nigeria have in your capacity to lead.

“Your commitment, integrity and vision have made you a shining example of what it means to be a leader in the field of journalism and I commend you for these sterling attributes,” he said.

Yahaya, while expressing confidence in Alhassan’s ability to unite and lead the union toward progress and professionalism, assured him of the support, solidarity and goodwill of the government and people of the state.

“We are confident that under your leadership, NUJ will witness a new era of progress, unity and professionalism that will further elevate the role of journalism in promoting national development,” he said.

The governor acknowledged the vital role of a united and committed press in advancing democratic ideals and national development.

He also praised journalists for the peaceful conduct of the election, while wishing the new NUJ leadership a successful and impactful tenure.

Continue Reading

Headlines

Gombe gov. congratulates new NUJ National President

Published

on

Gov. Inuwa Yahaya of Gombe State has congratulated Alhassan Yahya on his election as National President of Nigeria Union of Journalists (NUJ).

Yahaya, in a congratulatory message issued to newsmen on Thursday in Gombe, expressed joy over Yahya’s ‘resounding victory’ at the just-concluded 8th Triennial Delegates’ Conference in Owerri, Imo.

The governor, in the statement issued by his Media Aide, Mr Ismaila Uba-Misilli, described Alhassan’s victory as a remarkable achievement and source of immense pride for the state and the entire journalism community.

He praised Alhassan’s journey and impressive rise in the NUJ leadership.

“From your humble beginning at the chapel level, to the state, zonal and now the national level, you have showed consistency, demonstrated unmatched courage, integrity and passion for journalism and the welfare of journalists.

“Your election as the national president of NUJ is a reflection of the trust journalists across Nigeria have in your capacity to lead.

“Your commitment, integrity and vision have made you a shining example of what it means to be a leader in the field of journalism and I commend you for these sterling attributes,” he said.

Yahaya, while expressing confidence in Alhassan’s ability to unite and lead the union toward progress and professionalism, assured him of the support, solidarity and goodwill of the government and people of the state.

“We are confident that under your leadership, NUJ will witness a new era of progress, unity and professionalism that will further elevate the role of journalism in promoting national development,” he said.

The governor acknowledged the vital role of a united and committed press in advancing democratic ideals and national development.

He also praised journalists for the peaceful conduct of the election, while wishing the new NUJ leadership a successful and impactful tenure.

 

Continue Reading

Crime

Court remands man for allegedly causing death of his unborn child

Published

on

An Iyaganku Chief Magistrates’ Court sitting in Ibadan on Thursday ordered the remand of a 52-year-old man, Taiwo Olaniyan, in Agodi correctional facility for allegedly causing the death of his unborn child.

The Chief Magistrate, Mrs Olabisi Ogunkanmi, who did not take the defendant’s plea for lack of jurisdiction, ordered his remand in Agodi correctional facility, Ibadan.

Ogunkanmi held that the defendant would remain in custody pending receipt of advice from the Directorate of Public Prosecution (DPP).

She, thereafter, adjourned the matter till Dec. 12 for mention.

Earlier, the Prosecutor, Cpl. Akeem Akinloye, had arraigned the defendant, who resides at Apata area of Ibadan, on a three-count charge bordering on assault and causing death of an unborn child.

Akinloye told the court that the defendant had, on May 2018, assaulted his wife, Rukayat Babajide, by inflicting injury on her.

He said that the defendant caused the death of the foetus due to his assault on his wife during pregnancy.

The prosecutor said that the couple had been married for 14 years, with two children.

According to him, the offences contravene Section 316 and punishable under Sections 319, 328 and 355 of the Criminal Code Laws of Oyo State, 2000.

NAN reports that if found guilty of the charges, the defendant maybe sentenced to three years imprisonment under section 355, while section 328 stipulates life imprisonment and section 319 death sentence for any convicted offender.

 

Continue Reading

You May Like

Copyright © 2024 Acces News Magazine All Right Reserved.

Verified by MonsterInsights