๐๐ถ๐ฑ๐ฒ๐น๐ถ๐๐ ๐๐ฎ๐ป๐ธ ๐ฅ๐ฒ๐๐๐ฎ๐๐ฒ๐ ๐ฆ๐๐ฝ๐ฝ๐ผ๐ฟ๐ ๐ณ๐ผ๐ฟ ๐๐๐ก ๐๐ซ ๐ฅ๐ฒ๐ฝ๐ฎ๐๐ฟ๐ถ๐ฎ๐๐ถ๐ผ๐ป ๐ฃ๐๐๐ต, ๐ฆ๐ฒ๐ป๐๐ถ๐๐ถ๐๐ฒ๐ ๐๐๐๐๐ผ๐บ๐ฒ๐ฟ๐ ๐ถ๐ป ๐๐บ๐ฒ๐ฟ๐ด๐ถ๐ป๐ด ๐ข๐ฝ๐ฝ๐ผ๐ฟ๐๐๐ป๐ถ๐๐ถ๐ฒ๐ ๐ถ๐ป ๐ป๐ผ๐ป-๐ข๐ถ๐น ๐๐ ๐ฝ๐ผ๐ฟ๐๐.

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 bankโs readiness to support governmentโs economic imperatives to boost revenue in non-oil sector of the economy.
โAs 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.
โNow, Fidelity Bank wants to remain the exportersโ 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.
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LโR: 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.