Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) at the last Bankers’ Committee press briefing on Monday, announced the launch of the RT200 FX Programme”, in a bid to get $200 billion in FX repatriation.
The RT200 Programme which is directed towards the non-oil sector, will have the following five (5) key anchors: Value-Adding Exports Facility, Non-Oil Commodities Expansion Facility, Non-Oil FX Rebate Scheme, Dedicated Non-Oil Export Terminal and Biannual Non-Oil Export Summit
According to Emefiele, “After careful consideration of the available options and wide consultation with the Banking Community, the CBN is, effective immediately, announcing the Bankers’ Committee “RT200 FX Programme”, which stands for the “Race to US$200 billion in FX Repatriation”.
“The RT200 FX Programme is a set of policies, plans and programmes for non-oil exports that will enable us attain our lofty yet attainable goal of US$200 billion in FX repatriation, exclusively from non-oil exports, over the next 3-5 years.”
In collaboration with the Money Deposit Banks, the Central Bank is to fund the construction of dedicated non-oil export terminals, to eliminate the delays currently experienced by exporters within the programme.
The apex bank will apply the lessons learnt from its policies on remittances towards improving some aspects of FX inflow into the country to tackle the challenge of inadequate FX supply in the country.
Emefiele went on to list the 4 major sources of forex inflow into Nigeria to include; Proceeds from oil exports, Proceeds from non-oil exports, Diaspora remittances and Foreign Direct/Portfolio Investments.
