The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said on Tuesday that non-oil exporters repatriated a total sum of $4.99 billion since the introduction of the RT200 initiative 10 months ago.
Emefiele, who disclosed this RT200 bi-annual conference in Lagos, said the figure was 56.43 percent higher than the $3.190 billion repatriated in 2021.
The CBN introduced the RT200 policy in February this year to reduce the country’s exposure to volatile sources of foreign exchange and improve sustainable forex inflow by giving rebates to exporters who repatriate their proceeds within a specific period of time.
The rebate scheme pays N65 for every $1 repatriated and is sold at the Investors and Exporters (I&E) window to Authorised Dealer Banks (ADBs).
Speaking on the impact of the policy, Emefiele said $1.966 billion of the total sum qualified for the rebate program but only $1.559 billion was sold at the I&E window or for own use.
He said: “The CBN has also paid out about N81 billion in rebates to hard-working Nigerian exporters. This is a testament to the resolve of the CBN to ensure quick acceleration of the export value chain in the country.
“I know that when we proposed a rebate payment on every repatriated foreign exchange into the country used for Own expenses or sold at the I&E window, some may have doubted our resolve to meet and sustain the obligation.
“However, events in the last three quarters have shown that when CBN makes a commitment, it keeps that commitment to the last letter.”
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