Fidelity Bank Sensitizes Customers on Emerging Opportunities in non-Oil Exports and CBN RT200 FX Policy

 

L -R: Folaranmi Jemirin, Regional Bank Head - Southwest 1, Fidelity Bank Plc; Mac Fred Ileogben, Trade Promotion Adviser, Nigerian Export Promotion Council (NEPC), Akure Zonal Office; Wale Mesioye, Regional Bank Head - Southwest 2, Fidelity Bank Plc; Folarin Tiamiyu, Head, Nigerian Export and Import Bank (NEXIM), Akure Regional Office; Olumide Aina, Representative of the Branch Controller, Central Bank of Nigeria (CBN), Akure; Isaiah Ndukwe, Divisional Head, Export and Agriculture, Fidelity Bank Plc at the Fidelity Bank Sensitization Programme on the CBN RT200 FX Programme in Akure on Monday, 14 March 2022.

The Central Bank of Nigeria’s (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 with a recently held workshop for exporters and investors in Akure, Ondo State.

Hosted by leading financial institution, Fidelity Bank Plc, the workshop tagged, Harnessing Export Business Opportunities, CBN RT200 FX Policy: Policy Sensitisation, Emerging Sector Issues & Implications to Business, 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.

 

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 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. 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.

 

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.