Fidelity Bank restates support for CBN FX repatriation push

Fidelity Bank Plc, a leading Nigerian bank, has reaffirmed its commitment to actively support the Central Bank of Nigeria’s (CBN) efforts to achieve its goal of $200 billion in Foreign Exchange (FX) repatriation from non-oil exports over the next five years.

The Executive Director, Northern Businesses, Fidelity Bank Plc, Hassan Imam made this known in Kano at a workshop for exporters and investors on the implementation and opportunities in the new CBN RT200 FX Policy.

Imam stated that the financial institution would not relent in its efforts to bridge 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 through exportation.

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The CBN had unveiled the RT200 FX Programme on February 10, 2022, as part of measures to reduce the increasing demand for foreign currency by importers, which frequently puts excessive pressure on the exchange rate.

With the implementation of this policy, the CBN has stated that the supply of foreign currency to commercial banks will cease by the end of 2022, while investors will be able to generate forex through the RT200 FX Program template provided to strengthen commodity exports.

The Regional Bank Head, North West 1, Fidelity Bank Plc, Mannir Ringim re-emphasised the bank’s readiness to support government’s economic imperatives to boost revenue in the non-oil sector of the economy.

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

Speaking on the need for strategic planning in the non-oil sector, Head of Export and Agric Businesses at Fidelity Bank, Isaiah Ndukwe said the bank is well positioned to advance the CBN policy thrust to reduce our over-dependence on oil revenue in the country.

He stated that the bank is committed to improving the banking system’s competitiveness while focusing on developing exporters’ capability in the fundamentals of local commodity exportation. Isaiah emphasized that the new policy will not only reshape exporters’ mindsets, but will also infuse value addition on their commodities, allowing them to earn more forex.

According to him, the workshop tagged, Harnessing Export Business Opportunities, CBN RT200 FX Programme: current issues, non-oil exports and implications to business; drew inspiration from the policy’s guidelines.

The guidelines involve the provision of a single digit credit facility to exporters, provision of rebates on foreign currency, funding of commodity production and value-addition processes, building terminals and the convening of a biannual summit for the review of the implementation of the policy.