The Central Bank of Nigeria (CBN) has stated that it will continue to sell dollars to banks in order to assist them in supporting non-oil exports.
This was said by CBN Governor Godwin Emefiele on Saturday at the conclusion of the 13th Bankers’ Committee retreat in Lagos. He said in response to the top bank’s earlier proposal to halt dollar sales to banks by the end of the year.
Emefiele stated that banks will continue to get dollar allocations since they have demonstrated good faith in assisting non-oil export industries.
He stated that the dollar assistance for lenders is intended to allow them to continue supporting enterprises that promote non-oil exports and generate additional dollars for the economy.
Emefiele also proposed a N500 billion financing strategy for banks to promote non-oil exporters in order to boost the economy’s currency revenues.
According to him, the big banks will be mandated to lend more, as part of their support for businesses.
