‘CBN RT200 FX Policy to Reshape Exporters’ Mindsets, Infuse Value Addition on their Commodities’

Nume Ekeghe

Head of Export and Agric Businesses at Fidelity Bank, Isaiah Ndukwe has suggested that the recent RT200 FX Policy by the Central Bank of Nigeria (CBN) would encourage more businesses to go into export as well as prompt exporters to add value to the commodities they export. 

He said this while speaking at workshop tagged, “Harnessing Export Business Opportunities, CBN RT200 FX Policy: Policy Sensitisation, Emerging Sector Issues & Implications to Business,” organized by Fidelity Bank’s in Akure, Ondo State.

The event had in attendance representatives from key stakeholders in the Nigerian financial services and export industries. 

Also in attendance were representatives from the Nigerian Export and Import Bank (NEXIM), the Cocoa Exporters Association of Nigeria, the Nigerian Export Promotion Council (NEPC) amongst others.

In a statement by the Bank, he noted that the CBN efforts towards actualising $200 billion in Foreign Exchange (FX) repatriation from non-oil exports over the next five years have been given a major boost. 

Speaking on the need for strategic planning in the non-oil sector, Ndukwe said: Fidelity Bank is well positioned to advance the CBN policy thrust to reduce the country’s dependence on oil revenue.”

He stated that the bank is committed to growing the export business across key sectors of the economy by providing support to exporters. 

He added: “The new policy will not only reshape exporters’ mindsets, but will also infuse value addition on their commodities, allowing them to earn more forex.

“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 that has been designed to strengthen commodity exports.”

Launched on February 10, 2022 by the apex bank as part of measures to reduce the increasing demand for foreign currency by importers, the RT200 FX Programme has been designed to reduce the excessive pressure on the exchange rate.

Commending Fidelity Bank on the sensitisation series, an attendee at the event and cocoa farmer, Babatunde Fatimiro said: “In Ondo State today, cocoa has a dedicated agency; this is unprecedented in Nigeria. If you consider the potentials and inclusive advantage as well as economic impact of cocoa production to the Nigerian economy, I have no doubt that cocoa will one day overtake crude oil in terms of economic importance in Nigeria. It is initiatives like this workshop hosted by Fidelity Bank that would help us actualize this quickly and I encourage them not to rest on their oars as they drive to help diversify the economy”.

AMMBAN Moves against Indiscriminate Issuance of PoS Terminals by Banks

Emma Okonji

The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has condemned the indiscriminate issuance of Point of Sales (PoS) machines to individuals by banks without due diligence. 

The Association, which frowned at such practice, described it an abuse of the agent banking framework put in place by the Central Bank of Nigeria (CBN).

Speaking at a press briefing in Lagos on Wednesday, the National President of AMMBAN, Victor Olojo, said the situation would continue to fuel unprofessional conducts and fraudulent practices in the ecosystem, if not checked.

“What we are seeing now is somethin close to an abuse, a clear violation of what the framework issued out by the CBN. Part of the framework of the CBN is that a mobile money or bank agent should be in a brick and mortar location, like an address that is traceable. But what we have today are agents on the umbrellas, and under trees.

“There are traces that scrupulous or unscrupulous individuals now have access to PoS terminals. And that’s why from time to time we have continued to raise our voices to see the need for more coordination among the  players in the framework of mobile money and agency banking in Nigeria,” Olojo said. 

He explained that there was a need for all players and all stakeholders to come together to address the issue. According to him, AMMBAN, internally,  has launched its monitoring and evaluating units, which is a task force to ensure that mobile money and bank agents registered under the Association.

National PRO of the Association,  Mr. Oluwasegun Elegbede, said the critical activities of Mobile money and bank Agents in Nigeria had in no small measure, contributed to the enviable achievements being witnessed by the country in the financial Inclusion drive.

While noting that mobile money and agent banking are deliberate innovations of the government, he said the creation was borne out of the goal to ensuring all Nigerians of bankable age are financially included. 

“Financial inclusion refers to the provision of critical financial services to the financially excluded population of the country. This basically gives room for prosperity to spread evenly by giving the excluded population a safe place to save, receive money for goods and services supplied and build credible financial records which makes access to soft loans easier,”

Elegbede said. 

He however explained that there were worrying realities in the system, which necessitated AMMBAN’s consistent calls for effective enforcement of the guidelines in the industry through the licensed operators. “There is a need for proper supervision of entry and conduct of activities of all players in the value chain,” he added.

According to him, one of the resolutions that came out AMMBAN’s 5th Annual National Conference held in Abuja last year was to begin to self-regulate using our task force.

“We believe the gains so far made in the drive to deepening financial Inclusion in the country must not be allowed to be rubbished. AMMBAN is always ready to partner with all well-meaning stakeholders in consolidating on the giant strides so far made. We believe there is a lot more to achieve even as we are bold to say that we are better than yesterday,” Elegbede said.