CBN targets $200bn from non-oil exports in new ‘RT200’ scheme

In its bid to improve dollar supply in the country, the Central Bank of Nigeria (CBN) has announced a new scheme to improve dollar supply amid the depletion of foreign reserves.

Godwin Emefiele, governor of the CBN, made the announcement today at a virtual press conference after the bankers’ committee meeting on Thursday.

The scheme is called the “RT200 FX Programme”, which stands for the “Race to $200 billion in FX Repatriation.”

According to Emefiele, the RT200 FX Programme is a set of policies, plans and programmes for non-oil exports.

READ ALSO: Nigeria’s external reserve now below $40bn, as CBN continues withdrawal

He noted that the programme was designed to help Nigeria attain the lofty yet attainable goal of US$200 billion in FX repatriation, exclusively from non-oil exports, over the next 3-5 years.

The new scheme is part of CBN efforts to save Nigeria’s external reserves which are needed to implement monetary policies and stop Naira’s further devaluation of foreign currencies.

CBN also on Thursday updated its website showing that Nigeria’s reserves had again dropped, and stood at $39.2 billion as of Tuesday, 8 February 2022.

With the latest update, Nigerian external reserves dropped by $600 million since the start of 2022, when compared to the $40.5 billion it closed 2021.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now