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Sunday, December 4, 2022

Fidelity Bank reiterates its support for CBN’s $200 billion FX exchange

Fidelity Bank Plc has reiterated its commitment to actively assist the Central Bank of Nigeria (CBN) in achieving its aim of $200 billion in foreign exchange repatriation from non-oil exports over the next five years. 

Hassan Imam, executive director, Northern Businesses, Fidelity Bank Plc, stated this on Monday in Kano at a workshop for exporters and investors on the implementation and opportunities in the new CBN RT200 FX Policy. He added that the financial institution would not give up on bridging 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.  

On February 10, 2022, the CBN announced the RT200 FX Program as part of a package of measures aimed at reducing the rising demand for foreign currency by importers, which frequently puts undue pressure on the exchange rate. 

The CBN has stated that the supply of foreign currency to commercial banks will cease by the end of 2022, and that investors will be able to generate forex using the RT200 FX Program template provided to strengthen commodity exports. 

Mannir Ringim, Head, North West 1, Fidelity Bank Plc, re-emphasized the bank’s preparedness to help the government’s economic imperatives to generate income in the non-oil sector.  

“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. So, the initiative of the CBN is to leverage on our non-oil products, especially in agriculture like hibiscus flowers, cashew nuts, sesame and many other products for exports. 

“Now, Fidelity Bank wants to remain the exporters’ bank of choice not only by providing finance but by helping exporters in bridging the knowledge gap in exporting their commodities. We are committed to this initiative to improve our economy, reduce pressure on local currency and provide an enabling environment to grow the non-oil sector to also create massive job opportunities,” Ringim explained. 

 

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