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Nigeria records $3.5bn FX repatriation in two months —Emefiele



Emefiele Godwin

The Central Bank of Nigeria (CBN) has revealed that Nigeria has recorded the sum of $3.5 billion in foreign exchange repatriation from exporters, two months after the launch of the RT200 non-oil export rebate scheme.

Godwin Emefiele, governor of the CBN disclosed this on Thursday in Lagos at the RT200 non-oil export summit organized by the CBN and bankers committee.

Emefiele noted that over N3.5 billion has been paid to exporters who brought in their export proceeds.

Read also: With only 2.7% of Nigeria’s sugar consumption produced locally, CBN adds sugar, wheat to FX restriction list

In April 2022, the CBN released a total of N3.5 billion non-oil exports rebate to exporters through the banks, which are supporting the RT200 initiative.

Emefiele called on the stakeholders in the non-oil space to collaborate with the CBN and the banks to ensure enhanced export operations, which will result in foreign exchange inflows into the country.

Launched on February 10, 2022 by the apex bank as part of measures to reduce the increasing demand for foreign currency by importers, the RT200 FX Programme has been designed to reduce the excessive pressure on the exchange rate.

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