Besides, the financial institution assured readiness to invest resources in bridging the knowledge gap and facilitate necessary processes and documentations involve in the new policy to enhance foreign repatriation through exportation.
Executive Director, Northern region, Alh. Hassan Imam gave the assurance during an awareness creation workshop for Northern exporters and investors on the implementation and opportunities in the new RT200 FX Policy held in Kano.
The apex bank on February 10, 2022, unveiled the RT200 FX Programme as part of measures to reduce high demand on foreign currency by the importers which is conversely mounting excessive pressure on local currency on the exchange rate.
The new CBN initiative, which primarily targeted towards repatriation of forex through the promotion of local commodities exportation, kicked the ‘race to US$200 billion in FX repatriation agenda of the Federal Government in the next five years.
With the implementation of the policy, the CBN has said the supply of foreign currency to commercial banks will stop by the end of 2022 while enabling investors to generate their forex through the RT200 FX Programme template provided to strengthen commodity exports.
The ED, who was represented by Regional Manager, Northern region, Alh. Mannir Ringim, said the financial institution is committed to supporting government economic strategy to boost revenue in the non-oil sector of the economy.
“As a bank, export space is a major area of our focus. So what we are doing today is to sensitise our customers and educate them about the new government initiative, thereby helping the CBN to achieve its global macro-economic objective.
“As you know Nigeria is an import-dependent economy with so much pressure on our currency and the source of revenue as a nation is petrol dollar. So the initiative of the CBN is to leverage our non-oil products, especially in agriculture like the hibiscus flower, cashew nut, sesame and many other products for exports.
“Now, Fidelity want to remain exporters bank of choice, not only to providing finance but to hold on to exporters to bridging the knowledge gap on the intervention. Building capability on export business opportunities and everything they should know about the CBN RT200 FX repartition Programme.
“We are committed to this initiative to improve our economy, reduce pressure on local currency and provide enabling environment to grow non-oil sector industry with the potential to create job opportunity,” Mannir explained.
Speaking on the strategic planning on the non-oil sector, the head of export and agric business at Fidelity bank, Mr Isaiah Ndukwe, said the bank is positioned to absorb CBN policy trust to reduce over-dependent on oil revenue in the country.
He explained that the institution is enhancing competitiveness in the banking system while focusing attention on building the capability of exporters on the rudiment of exportation of local commodities.
Isaiah stressed that with the new policy the bank is reshaping the mindset of exporters to imbibe value addition on their commodities 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 on the policy’s guidelines.
The guidelines involve the provision of single-digit credit facility to exporters, provision of rebate on foreign currency, funding of commodity production and Value addition process, building terminals and enabling biannual summit for the review of the implementation of the policy.
Exporters who spoke with The Guardian at the event, expressed satisfaction with the capacity building workshop, which enable them to get acquitted with the CBN policy and opportunities on exports business.
