The Central Bank of Nigeria (CBN) has reiterated its commitment to strengthening and expanding the supply foreign exchange inflow into the Nigerian economy.
Governor of the CBN, Godwin Emefiele who gave the assurance while delivering his keynote address at the RT200 Non-oil Export Summit held recently in Lagos, also said that exporters who do not sell their export proceeds at the Investor and Exporter (I&E) window will not be eligible for the rebate.
The summit, which is the third in the series since the beginning of the programme, had the theme “Challenges and Prospects to Success”.
Speaking on the impact of the RT200 FX programme, Emefiele revealed that $1.7 billion was repatriated in the first quarter of 2023 with only $970 million sold at the Investor and Exporter window year-to-date.
According to him, FX repatriation into Nigeria increased by 40 per cent as a result of the implementation of its RT200 FX programme.
The CBN Governor further explained that when the RT200 programme was started, only $62 million was repatriated by March 2022, adding that by the second quarter, which was between April and June 2022, it had risen to about $600 million. He noted that by the third quarter, which is July to September 2022, it had risen to over $900 million. He said:
“Available data shows that repatriation due to the programme increased by 40 percent 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 $970 million was sold at the I&E window year-to-date. The balance of the proceeds remained in the Export Domiciliary Accounts of exporters.
