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RT200 FX: CBN explains how export remittances have improved significantly

*The Central Bank of Nigeria affirms the country  has recorded substantial improvements in the repatriated figures and number of exporters now willing to play in the formal sector of the economy

Isola Moses | ConsumerConnect

The Central Bank of Nigeria’s (CBN) introduction of the “Race to $200 billion in FX Repatriation” (RT200 FX) in the country’s economy has spurred considerable improvement in the export remittances.

ConsumerConnect reports

Mrs. Anne Nnenna Ezekhennagha, Principal Manager, Trade and Exchange Department at CBN, revealed this at the recent Finance Correspondents Association of Nigeria (FICAN) 2022 annual conference in Lagos.

The Bankers’ Bank introduced the RT200 policy February this year in a move to reduce the Nigeria’s exposure to volatile sources of Foreign Exchange (Forex) and improve sustainable Forex inflow by giving rebates to exporters who repatriate their proceeds within a specific period of time.

The policy also seeks to raise $200 billion in the next five years in Forex earnings from non-oil sources by giving N35 for every US Dollar repatriated through the Investors and Exporters Forex window. Ezekhennagha said the CBN had paid rebates to exporters who have taken the opportunity of the RT200 scheme in the first two quarters of 2022, and will commence another series of examinations and verification exercises, so the third quarter (Q3) rebates would be paid.

She stated: “We have seen significant improvement, not just in the figures that have been repatriated, but also in the number of exporters that are now willing to come to the formal sector.

“A lot of our exports have been happening informally, but with this scheme, we have found that a lot more players in the export sector are willing to come to the formal sector.”

The CBN Manager also said there had been a significant increase in the number of commodities being exported from Nigeria.

“In the solid minerals, we are seeing more and more players in that sector coming into the formal sector to report their exports and participate in the RT200 FX scheme.

“So, I would say it has been very successful so far,” stated Ezekhennagha.

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