CBN’s ‘RT200’ policy boosts fund repatriation by 40 per cent – Emefiele

The Governor of the Central Bank of Nigeria, Godwin Emefiele, said that the ‘Race to USD200bn In FX Repatriation’ programme of the bank had boosted the repatriation of funds into the country by 40 per cent.

He said this on Tuesday when he delivered the keynote address at the ‘Third RT200 Non-oil Export Summit’ of the CBN held in Lagos.

The RT200 FX programme is aimed at improving the inflow of stable and sustainable foreign exchange into the market. The programme aims to raise USD200 billion in Foreign Exchange earnings over the next five years from non-oil proceeds.

Emefiele said, “I’m happy to note that the RT200 programme has made good progress in export proceed repatriation since its establishment in February 2022. Available data shows that repatriation due to the programme increased by 40 per cent 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 $790 million was sold at the I&E window year-to-date. The balance of the proceeds remained in the Export Domiciliary Accounts of exporters. Please note that proceeds that are not sold at the I&E window cannot and will not be eligible for the rebate. So, we encourage holding their export proceeds in their domiciliary accounts to take advantage of the rebate by selling them at the I&E Window.”

He went on to express the CBN’s commitment “to strengthening and expanding foreign exchange supply into the market. Naturally, you all are important in this clarion call of expanding the supply of foreign exchange inflow into the economy.”