Emefiele Says Nigerian Banks to Contribute $200 Million to Rehabilitate National Theatre
- The Central Bank of Nigeria Governor, Godwin Emefiele said Nigerian banks would contribute to the rehabilitation of the National Arts Theatre
- According to the CBN boss, the amount was raised from $100 million to $200 million after realising it was not enough
- Emefiele said the bank would also set aside N500 billion every year to support export-minded businesses in Nigeria
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Godwin Emefiele, the Governor of the Central Bank of Nigeria said on Saturday, December 10, 2022, that the Bankers’ Committee has increased the amount it planned to spend to repair the Nationa Arts Theatre from $100 million to $200 million, about N89 billion going by the current exchange rate of N445 per dollar.
Emefiele assured that the apex bank would not stop but continue to support Nigeria’s economy with foreign exchange intervention beyond 2022.
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Amount raised from $100 million to $200 million
The Punch reports that the CBN boss revealed this during a press conference at the end of the two-day bankers’ retreat in Lagos.
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Regarding the National Arts Theatre funding, Emefiele said when the project began, the Bankers’ committee thought it would cost $100 million to complete but said that on Friday, December 9, 2022, the Committee discovered that it is going to cost almost $200 million.
The apex bank’s helmsman stated that there was a need to support exporters who needed the facility to be able to process their goods that could qualify for export abroad.
CBN to support businesses with N500 billion for export
He said the bank will grant at least N500 billion every year to export-minded businesses and companies in Nigeria.
Emefiele said the banking industry understood that the interventions introduced to support the economy was getting results.
Emefiele 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.”
Emefiele states why naira is falling, says National Card to commence January
Legit.ng reported that the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has blamed the number of Nigerian students seeking foreign education for the depletion of the foreign reserves.
Nairametrics reports say the official foreign exchange received from crude oil sales into Nigeria’s reserves has depleted steadily from over $3 billion monthly in 2014 to zero dollars in 2022, according to Emefiele.
He stated this at the 57th annual bankers’ dinner organised by the Chattered Institute of Bankers of Nigeria (CIBN) in Lagos on Saturday, November 26, 2022.
Source: Legit.ng
