CBN’s ‘RT200’ Policy: Repatriated funds rise by 40% – Emefiele
… Says US$1.7bn inflow recorded in the first quarter of 2023
The Governor of the Central Bank of Nigeria (CBN) , Godwin Emefiele, has said that the ‘Race to USD200billion In FX Repatriation’ programme of the apex bank has improved fund repatriation to the country by 40 per cent.
He spoke on Tuesday when he delivered the keynote address at the ‘Third RT200 Non-oil Export Summit’ of the CBN held at Lagos Continental Hotel, Victoria Island, Lagos.
The RT200 FX programme is aimed at improving the inflow of stable and sustainable foreign exchange into the market. The programme aims to raise USD200 billion in Foreign Exchange earnings over the next five years from non-oil proceeds..
Emefiele said, “I’m happy to note that the RT200 programme has made good progress in export precede repatriation since its establishment in February 2022. Available data shows that repatriation due to the programme increased by 40 per cent from US$3.0 billion in 2021 to US$ 5.6 billion at the end of 2022.
“The momentum for 2023 is equally showing strong numbers and impressive prospects. In the first quarter of 2023, a total of US$1.7 billion was repatriated to the economy while about $790 million was sold at the I&E window year-to-date. The balance of the proceeds remained in the Export Domiciliary Accounts of exporters. Please note that proceeds that are not sold at the I&E window cannot and will not be eligible for the rebate. So, we encourage holding their export proceeds in their domiciliary accounts to take advantage of the rebate by selling them at the I&E Window.
“I want to assure you that the Bank is committed to strengthening and expanding foreign exchange supply into the market. Naturally, you all are important in this clarion call of expanding the supply of foreign exchange inflow into the economy. For exporters, flying the flag of Nigeria in the international market, the Bankers’ Committee and the CBN stand ready to partner with you to achieve your goals. You can benefit from the many financial programmes introduced by the CBN through your bank and as such grow your business exponentially.
“Therefore, I call on this gathering to candidly interact and make constructive and innovative suggestions towards exploring the non-oil export sector as a more sustainable means of increasing financial flows into the economy and generating employment to spur growth.
“ To ensure close interaction between operators and participants you will notice that this year we invited banks to erect booths outside the hall to display their various non-oil export products for easy access to exporters that may be interested in expanding their business or going into value addition.
“ Please, take advantage of the opportunity offered by this endeavour to visit their stands, acquaint and update yourselves of the available bank services and patronise them.
“Some of our top exporters have also set up booths to share their success stories and their experiences regarding the RT200 programme. I equally enjoin everyone to visit these stands and hear the stories.”
