The Central Bank of Nigeria paid exporters N42bn for repatriating $1.28bn through its official window.
The Managing Director/Chief Executive Officer, Citibank Nigeria, Ireti Samuel-Ogbu, during the Post Bankers’ Committee Meeting Press Briefing that was held on Thursday. According to the MD, the exporters through the CBN’s RT 200, repatriated $1.28bn for the quarter, out of which $870m was sold to the I&E window.
The RT 200 policy was introduced in February with the aim to raise $200bn in foreign exchange earnings from non-oil proceed in three to five years.
Samuel-Ogbu said, “The whole idea behind this initiative was to diversify sources of FX away from the dominance of oil and to increase the contribution of non-oil exports to increase availability and to support export-oriented companies to expand their operations and capabilities.
In policy guideline, the CBN disclosed that its rebate scheme is designed to incentivise exporters in the non-oil export sector to encourage repatriation and sale of export proceeds into the FX markets. It added that the policy will help stabilise and sustain inflows of FX in a bid to insulate the nation’s economy from shocks and FX shortages.