CBN urges operators to repatriate earnings to ease pressure on forex | The Guardian Nigeria News - Nigeria and World News

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The Central Bank of Nigeria (CBN) has advised members of the organised private sector (OPS) to always ensure that they repatriate foreign exchange (FX) proceeds to the apex bank in order to ease FX pressure in the country.

Deputy Director, Banking Services, CBN, Egboagwu Ezulu, at a national stakeholders’ conference of the Association of Corporate Affairs Managers of Banks in Lagos, advised OPS to take advantage of the various intervention schemes of the CBN through the Bank of Industry, the Development Bank of Nigeria and commercial banks, to boost their output.

“That is why the CBN introduced the RT200 to encourage you to bring back the dollar you are saying is scarce, but in the books of the banks we see billions of dollars that have been exported out of the country and the OPS are not bringing it back, so how do we finance FX demand?”

 

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