He also assured that the CBN wiould not
stop but continue to support the economy with foreign exchange intervention
after 2022.
Emefiele disclosed this during a press
conference at the end the of the two-day bankers retreat in Lagos.
Speaking on the National Arts Theatre
funding, he said, “I must confess that when we started this project, we
contemplated it would cost $100m to complete. But unfortunately, where we are
on the dimensions, the scope of the project yesterday, we found out that it is
almost going to last up to $200m.”
To boost the volume of export repatriation,
he said there was need to support the exporters who needed the facility to be
able to process their goods that could qualify for exports abroad.
To ensure this support, he added that the
banks would be made to grant at least N500bn yearly to export-oriented
companies.
According to him, the banking sector
realised that the interventions introduced to support the economy was realising
result.
He said, “Realising the progress that had
been made so far, the CBN will continue to support the market with foreign
exchange as hard as it may be; while the banks will continue to ramp up their
own source of non-oil export to earn FX through repatriation which they can use
to fund the needs of their customers.”
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