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Banks plan to invest $200 million in renovating the National Art Theatre

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…

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Godwin Emefiele, the governor of the Central Bank of Nigeria, announced on Saturday that the Bankers’ Committee has increased its budget for restoring the National Arts Theatre from $100 million to $200 million.

He further pledged that after 2022, the CBN would still intervene in the foreign exchange market to boost the economy. At a press conference held following the two-day bankers’ retreat in Lagos, Emefiele made this announcement.

Speaking about the funding for the National Arts Theatre, he stated,  “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, and the scope of the project yesterday, we found out that it is almost going to last up to $200m.”

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He claimed that in order to increase the volume of export repatriation, exporters who want facilities to process their products so they may be exported overseas must be helped.

He continued that the banks would be required to give at least N500 billion a year to export-oriented businesses in order to guarantee this support. He claims that the banking industry realized the effects of the actions made to assist the economy.

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.”

Source: punchng.com

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