Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, said the new policy excluding 41 items from being procured with foreign exchange would help to resuscitate domestic industries.
He disclosed this at the opening ceremony of the 21st Seminar for Finance Correspondents and Business Editors in Ibadan on Monday.
The CBN had recently announced a new policy which excluded 41 items from being procured with foreign exchange at the foreign exchange markets.
The apex bank had also made the move to stop the sale of foreign exchange to Bureaux de Change (BDCs) in Nigeria.
Emefiele said that the policy was to conserve the nation’s foreign reserve, resuscitate domestic industries and improve employment generation.
The CBN governor, who was represented by Mr Adebayo Adelabu, a Deputy Governor, Corporate Services CBN, said that the apex bank reduced the Cash Reserve Requirement (CRR) of Deposit Money Banks from 25 to 20 per cent.
He said that the effort had freed up enormous resources that the banks could leverage on to finance projects under the real sector support fund.
“The CBN is committed to stimulating accretion of foreign exchange through non-oil exports.
“The bank is supporting Nigeria Export Import Bank(NEXIM) with N50 billion Export Refinancing from being procured with foreign exchange at the foreign exchange markets.”
The apex bank had also made the move to stop the sale of foreign exchange to Bureaux de Change (BDCs) in Nigeria.
Emefiele said that the policy was to conserve the nation’s foreign reserve, resuscitate domestic industries and improve employment generation.
The CBN governor, who was represented by Mr Adebayo Adelabu, a Deputy Governor, Corporate Services CBN, said that the apex bank reduced the Cash Reserve Requirement (CRR) of Deposit Money Banks from 25 to 20 per cent.
He said that the effort had freed up enormous resources that the banks could leverage on to finance projects under the real sector support fund.
“The CBN is committed to stimulating accretion of foreign exchange through non-oil exports.
“The bank is supporting Nigeria Export Import Bank (NEXIM) with N50 billion Export Refinancing”
