CBN discusses the sale of dollars to banks

According to the Central Bank of Nigeria (CBN), it would keep selling dollars to banks so they could promote non-oil exports.

This was said on Saturday by CBN Governor Godwin Emefiele at the conclusion of the 13th Bankers’ Committee retreat in Lagos.

He said this in response to an earlier intention by the apex bank to stop selling dollars to banks by the end of this year.

Banks will continue to receive dollar allocations because, according to Emefiele, they have been loyal in assisting non-oil export companies.

He said that the lenders would get money to help them keep backing projects that will increase non-oil exports and bring in more money for the economy.

Emefiele has put together a N500 billion package of loans for banks to help non-oil exporters so that the economy can bring in more dollars.

He says that, as part of their help to businesses, the big banks will have to lend more money.