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

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3 years ago

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

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

 

 

 

 

 

 

 

 

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.

 

 

 

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

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commending Fidelity Bank on the sensitization 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”.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

It would be recalled that Fidelity Bank hosted the first edition of the workshop in Kano State on 21 February 2022 to sensitise entrepreneurs in the region on the implementation and opportunities in the CBN RT200 FX Policy.

 

 

 

 

 

 

 

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.

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

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1 day ago

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December 21, 2024

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

 

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

 

 

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

 

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

 

 

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

 

 

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

 

 

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

 

 

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

 

 

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

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Business

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

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1 day ago

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December 21, 2024

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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2 days ago

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December 20, 2024

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.
The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.
“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.
The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.
Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.
The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.
This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.
Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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