• Latest
  • Trending
  • All
  • News
  • Intimacy
  • Politics
  • Dear Kemi
Fidelity Bank Restates Support for CBN FX Repatriation Push, Sensitizes Customers in Emerging Opportunities in non-Oil Exports

Fidelity Bank Restates Support for CBN FX Repatriation Push, Sensitizes Customers in Emerging Opportunities in non-Oil Exports

February 24, 2022
‘Me? Go Back To PDP? God Forbid’ Says OBJ

Tinubu Introduced New Vocabularies To Yoruba Political Dictionary—Obasanjo

August 20, 2022
Exclusive! Tonto Dikeh Not Deported, Still In Dubai Prison…More Incriminating Evidence Against Her

Tonto Dikeh Quits Nollywood

August 20, 2022
Why NBC Withdrew Broadcast Licences Of AIT, Sliverbird TV, Others

Why NBC Withdrew Broadcast Licences Of AIT, Sliverbird TV, Others

August 20, 2022
Real Reasons Emirates Is Suspending Flights To Nigeria

Real Reasons Emirates Is Suspending Flights To Nigeria

August 20, 2022
Unity Bank Rolls Out Yanga Market Penetration Campaign, Targets Millions of Underbanked Women

Unity Bank Rolls Out Yanga Market Penetration Campaign, Targets Millions of Underbanked Women

August 20, 2022
AFRIMA Fetes Jurors At Annual Patron Dinner

AFRIMA Fetes Jurors At Annual Patron Dinner

August 20, 2022
Ronke Odusanya Celebrates Daughter At Three…Babydaddy Pens Emotional Birthday Message

Ronke Odusanya Celebrates Daughter At Three…Babydaddy Pens Emotional Birthday Message

August 20, 2022
Ghana High Commission Refutes Akufo-Addo’s Alleged Letter Advising Tinubu To Step Aside For Peter Obi

Ghana High Commission Refutes Akufo-Addo’s Alleged Letter Advising Tinubu To Step Aside For Peter Obi

August 15, 2022
Ibidun Ighodalo: Tears Of Joy As Late Event Planner Reincarnates As Twin Girls

Ibidun Ighodalo: Tears Of Joy As Late Event Planner Reincarnates As Twin Girls

August 15, 2022
Finally, Annie To Dump Tuface As Musician Travels Abroad To See Babymama

Tuface’s Management Reacts To Pregnancy Of His ‘Banker Side Chic’

August 14, 2022
BEDC Assures Stakeholders Of Restoration Of Board, Management

BEDC Assures Stakeholders Of Restoration Of Board, Management

August 12, 2022
FirstBank Commemorates 2022 International Youth Day, Dedicates Week To Celebrating Youth

FirstBank Commemorates 2022 International Youth Day, Dedicates Week To Celebrating Youth

August 12, 2022
  • Politics
  • Sports
  • Privacy
  • About
  • Contact
Kemi Ashefon Love Haven
  • Newsmakers
  • Dear Kemi
  • Love Stories
  • Just Singles
  • Intimacy
  • Entertainment
No Result
View All Result
  • Newsmakers
  • Dear Kemi
  • Love Stories
  • Just Singles
  • Intimacy
  • Entertainment
No Result
View All Result
Kemi Ashefon Love Haven
No Result
View All Result
Home Business

Fidelity Bank Restates Support for CBN FX Repatriation Push, Sensitizes Customers in Emerging Opportunities in non-Oil Exports

Kemi Ashefon by Kemi Ashefon
February 24, 2022
in Business, Featured, Financial Institution
259 3
0
Fidelity Bank Restates Support for CBN FX Repatriation Push, Sensitizes Customers in Emerging Opportunities in non-Oil Exports

L–R: Gidado Abu Gidado, representative of Nigerian Export-Import (NEXIM) Bank; Yakubu Gambo, Head, Product and Market Development North-West Region, Nigeria Export Promotion Council (NEPC) - Kano Regional Office; Mannir Ringim, Regional Bank Head, North West 1, Fidelity Bank Plc; Isaiah Ndukwe, Divisional Head, Export and Agriculture, Fidelity Bank Plc; Dr Bamidele Ayemibo, Managing Director, 3T Impex Trade Academy (Consultant) and Zainab Potiskum, staff of NEXIM Bank at the Fidelity Bank Sensitization Programme on the CBN RT200 FX Programme in Kano on Monday, February 21, 2022.

510
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

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 on Monday 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.

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 non-oil sector of the economy.

 “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 petrol dollar. 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.

 “Now, Fidelity Bank wants to remain the exporters’ bank of choice not only by providing finance but by helping exporters in bridging the knowledge gap in exporting their commodities. We are committed to this initiative to improve our economy, reduce pressure on local currency and provide an enabling environment to grow the non-oil sector to also create massive job opportunities”, Ringim explained.

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 on 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.

Exporters at the sensitization event expressed satisfaction on the capacity-building initiative as it enabled them to get acquainted with the CBN policy and opportunities in export business.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6million customers who are serviced across its 250 business offices and digital banking channels.

Tags: Fidelity Bank
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2022 Kemi Ashefon Love Haven - Designed by Phatfirm.

No Result
View All Result
  • Dear Kemi
  • Intimacy
  • Just Singles
  • Love Stories
  • Newsmakers
  • Entertainment

© 2022 Kemi Ashefon Love Haven - Designed by Phatfirm.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In