According to an audited financial statement for 2022, the Central Bank of Nigeria (CBN) spent over N156 billion on its FX rebates programmes, especially, the RT200 aimed to promote foreign currency inflows into the economy devoured N317 billion.
Under the leadership of suspended CBN governor Godwin Emefiele, the top bank rolled out numerous efforts to draw foreign inflows despite a considerable foreign currency deficit.
In an effort to stabilize the local currency, the CBN introduced Naira4dollar and later a rebate program for exporters who sell US dollars via the Investors and Exporters FX window.
The RT200 project cost the Bank N137 billion in 2022. 4 billion naira worth of Naira 4 Dollar charges from 2021 were recorded as intervention costs.
The costs associated with the RT200 and Naira 4 Dollar programs that the CBN incurred as part of the Bank’s efforts to increase foreign currency inflow.
The initiative aims to diversify the sources of foreign exchange inflows, boost non-oil export levels, guarantee the stability and sustainability of foreign exchange inflows, and assist export-oriented businesses in growing their export operations and capacities.
“In 2021 Naira 4 Dollar expense to the tune of N4 billion was captured under intervention expenses”, the apex bank said in its recently published audited statement amidst investigation. Despite the CBN efforts, the Nigerian naira has suffered a large devaluation after Emefiele was suspended. Yet, analysts maintained a bleak outlook on the local currency.
