Fakoyejo OlalekanThe Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, revealed that the RT200 FX programme has led to an increase in foreign exchange repatriation.
Emefiele said the rebate programme attached to the RT200 FX, which offers exporters N65 for every dollar of non-oil export proceeds repatriated, has increased the repatriation by 40 per cent.
Join our WhatsApp ChannelHe disclosed that after the launch of the RT200 FX programme in February 2022, repatriation increased from $62 million in March 2022, but in the second quarter, $600 million was repatriated.
The figure increased between July to September 2022, with over $900 million repatriated. Year-on-year, the value of foreign exchange repatriated rose to $5.6 billion at the end of 2022, surpassing the $3 billion recorded in 2021.
In the first quarter of 2023, foreign exchange repatriation was $1.7 billion, reflecting the policy of the CBN is yielding the expected result.
Emefiele stated; “I’m happy to note that the RT200 programme has made, and I use the word tremendous progress in export proceed repatriation since its establishment in February 2022.”
Quoting available data, Emefiele disclosed that: “The momentum for 2023 is equally showing strong numbers and impressive prospects. In the first quarter of 2023, a total of US$1.7 billion was repatriated to the economy while about $970 million was sold at the I&E window year-to-date. The balance of the proceeds remained in the Export Domiciliary Accounts of exporters.
‘’Please note that proceeds that are not sold at the I&E window cannot and will not be eligible for the rebate. So, we encourage holding their export proceeds in their domiciliary accounts to take advantage of the rebate by selling their proceeds to the I&E Window.”
He went on to express the CBN’s commitment “to strengthening and expanding foreign exchange supply into the market. Naturally, you all are important in this clarion call of expanding the supply of foreign exchange inflow into the economy.”
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