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RT200: CBN nets $1.28bn repatriation in Q3

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3 years ago

The RT200 Programme introduced by the Central Bank of Nigeria (CBN) in February has continued to yield the desired result as non-oil exporters repatriated a total sum of $1.2 billion to the country at the end of September 2022.

From the amount, a total sum of $870 million was sold at the Investors and Exporters (I&E) window, while N42 billion was paid as rebates by the CBN in the third quarter. (Rebates are paid N65 to the Dollar).

The was disclosed by Iretiogo Samuel-Ogbu, Managing Director, Citi Bank after the 364th meeting of the Bankers’ Committee held last week.

He said: “We observed that this initiative is really beginning to bear fruit and show successes.

“At the end of quarter 3, September 2022, the total amount repatriated was $1.28 billion and out of that, the total amount sold to the Investors and Exporters window (I&E) was $870 million which ended up in terms of rebates that was paid by the CBN. Rebates are paid N65 to the Dollar. N42 billion in rebates have been paid in the third quarter. So, the amount of foreign currency from foreign export proceeds is very pleasing year-on-year.”

The RT200 Programme was introduced by the CBN in February to generate $200 billion of foreign exchange from export proceeds of non-oil, by providing incentives to exporters.

The whole idea behind this initiative was to diversify the sources of FX away from the dominance of oil and to increase the contribution of non-oil exports to create availability and to support export-oriented companies to expand operations and capabilities.

The Managing Director, Citi Bank also pointed out that “Cyber security centre is being housed in the CBN until a purpose building is located to house the centre.”

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