In the first quarter of executing the RT200 FX programme, the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, claimed the bank saw a considerable rise in non-oil export repatriation and paid eligible exporters over N3.5 billion in refunds.
Emefiele made the announcements at the first edition of the biannual Central Bank of Nigeria Non-oil Export Summit, held in Lagos on Thursday and attended by bankers, exporters, and high government officials.
He said, “Soon afterwards, the February 2022 unveiling of the programme, we issued the guidelines to give effect to one of the five aforementioned pillars, namely the non-oil FX rebate scheme.
“As you can guess, this scheme was designed to incentivise exporters in the non-oil export sector to repatriate and sell their export proceeds in the local foreign exchange market and earn a rebate.
“I am happy to inform you that after the first quarter of implementing the scheme, we have recorded a significant increase in non-oil export repatriation, and have paid eligible exporters over N3.5bn in rebates.”
Emefiele unveiled the RT200 FX Program in February, following a meeting with the Bankers’ Committee, to improve forex supply in the country through the non-oil sector over the next three to five years.
He explained that the RT200 FX Program was a combination of policies, strategies, and programmes for non-oil exports. It would allow the country to reach its objective of $200 billion in FX repatriation only from non-oil exports.
He noted that exporters would be paid N65 for every $1 sold into the economy through the Investors &Exporters window under the arrangement.