Fidelity Bank Restates Support for CBN FX Repatriation Push, Sensitizes Customers in Emerging Opportunities in non-Oil Exports
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 bank’s readiness to support government’s economic imperatives to boost revenue in non-oil sector of the economy.
“As 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.
“Now, Fidelity Bank wants to remain the exporters’ 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.
GTCO FOOD & DRINK FESTIVAL 2023… A CELEBRATION OF FOOD!
The annual GTCO Food & Drink Festival is back again for its 6th Edition, and food lovers across Africa and the world are in for a feast like never before! The event is slated to hold from Saturday April 29th till Monday May 1st 2023, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos, providing a 3-day weekend of food and endless celebration.
The GTCO Food & Drink Festival brings together the greatest minds on the global culinary stage, the most industrious Nigerian small food business owners, a world class, state-of-the-art children’s play area, merging them all to give attendees the most memorable food and drink event.
Commenting on the 2023 GTCO Food and Drink Festival, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said; “Food and drink are intrinsically social things, and best enjoyed when shared. We understand the value of bringing together businesses and consumers who are passionate about food and have continued to inspire new ways to experience life through food and drink. The continuing success of our free-business platforms reflect our unchanging commitment to Promoting Enterprise and echoes our brand promise of creating Great Experiences.”
Constantly innovating the space and on a quest to continue creating great experiences for all stakeholders, GTCO Food & Drink will be expanding its capacity by creating more opportunities for more businesses and increasing its highly coveted vendor stalls from 142 to 204, giving even more innovative and assiduous business owners the chance to not only showcase their businesses to the over 250,000 foodies in attendance, but also engage with their customer base and learn from a confluence of other great-minded food entrepreneurs. The event will also feature three premier DJs in Africa, setting the scene for a weekend of celebration, food, drink, and togetherness.
Guaranty Trust Holding Company Plc is a leading financial services company providing banking and non-banking services including payments, wealth management, and pension fund management, with a presence across eleven countries spanning West and East Africa as well as the United Kingdom. The Group operates a diversified, Proudly African franchise and is renowned for its innovative approach to customer service and stakeholder engagement which has endeared the brand to millions of people across Africa and beyond. Over the years, many customers have benefited from its unique loan products including the Food Industry Credit and Fashion Industry Credit designed specifically for businesses in the food and fashion industry.
It’s time once again to come together and celebrate the great joys food has to offer! Attendance is FREE.
For more information on the event, please visit: https://foodanddrink.gtcoplc.com
Governor Dapo Abiodun Warn Traders Rejecting Old Naira Notes In Ogun State, Releases Number To Call
The Executive Governor of Ogun State, His Excellency, Prince Dr. Dapo Abiodun, has issued a strong warning to the people of the state, especially traders, commuters, banks, filling stations, supermarkets, and others not to reject old Naira notes.
Abiodun, in his speech, insisted that the N500 and N1000 remain legal tender in his state and that whosoever was caught in the act of rejecting the money will be punished accordingly.
In a recent viral video, the number one citizen of the state said the Supreme Court has ruled that the old Naira Notes is a legal tender till December 31st, 2023, so he sees no reason people will be rejecting the money in order to make life more difficult for already suffering Nigerians.
According to him, “I am hereby sounding a note of warning to every Merchant, Trader, Banker, Petrol Station that is refusing old Naira notes. If you report to me, I will deal with you to the fullest extent of the law.
The Supreme Court of Nigeria is the highest Court of the land and has ruled that the old naira notes remain legal tender until December 31st, 2023”, he said.
However, information from another source claimed that the smart and highly intelligent governor had immediately sent out law enforcers to arrest anyone rejecting the old money. At the same time, a mobile number (0803 375 1767) was also provided for the good people of Ogun State to call in case anyone rejects the old Naira Notes in the state.
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