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Nigeria repatriates $3.5bn 2 months after launching rebate scheme – Emefiele

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 Central Bank of Nigeria (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: Manufacturers fault CBNs FX rebate for non-oil export

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 in 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.