The CBN (Central Bank of Nigeria) Governor, Emefiele reported that due to the RT200 FX program implementation, the repatriation of FX in Nigeria rose by 40%.
News In Details
On the 9th of May 2023, emefiele reported a 40% forex repatriation increase during an RT200 Non-Oil Export Summit at the Continental Hotel Lagos.
This summit is the 3rd of its kind since the program commenced and it came with the theme “Challenges and Prospects to Success”.
During the summit, Emefiele, the CBN Governor made a keynote address.
The CBN Governor, Godwin Emefiele said that due to the implementation of its RT200 FX policy, the foreign exchange repatriation in the country has risen by 40%.
Emefiele further said that exporters who don’t sell their exportation proceeds at I&E (Investor and Exporter) window wouldn’t be eligible for the rebate.
The CBN Governor further said that in March 2022 when the RT200 program began, it only repatriated $62 million.
He added that in the 2nd quarter between April and June last year, it rose to around $600 million.
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Emefiele notes that by the same year 3rd quarter, which is from July to September, it rose again to more than $900 million.
The CBN Governor went further to express that the Central Bank of Nigeria is committed to strengthening and expanding the foreign exchange supply in the market.
He appeals to everyone to join in this clarion call and assist in the expansion of the supply of the foreign exchange inflow within the economy.
Notable Facts
As far back in February last year, the Central Bank of Nigeria announced the official launch of the RT200 FX program.
The program was initiated to get around $200 billion in FX repatriation for the next 5 years.
It was anticipated that the program will have up to 5 major anchors which includes Value-Adding Exports Facility, Dedicated Non-Oil Export Terminal, Non-Oil Commodities Expansion Facility, Biannual Non-Oil Exports Summit, and Non-Oil FX Rebate Scheme.
Emefiele intends that the latest RT200 FX Programme will be like the Naira4Dollar scheme for international remittances.
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This scheme provides diaspora remittance via CBN’s International Money Transfer Operators. As a result, each $1 gotten as remittance flow will be paid N5.
According to the CBN Governor’s statement, the idea to establish this program was to the Apex Bank’s current commitment to promoting Nigeria’s foreign reserves via non-oil export proceeds.
