Thursday, October 9, 2025
23.5 C
Lagos

CBN: RT200 FX Policy Drives Rapid Increase in Export Remittances

The introduction of the “Race to $200 Billion in FX Repatriation” (RT200 FX) by the Central Bank of Nigeria (CBN) has spurred significant improvement in the country’s export remittances, the apex bank has revealed.

The   Principal Manager, Trade and Exchange Department, CBN, Mrs. Anne Nnenna Ezekhennagha, disclosed this at the recently concluded Finance Correspondents Association of Nigeria (FICAN) 2022 annual conference with the theme “Boosting domestic capacity for sustainable export earnings”, held in Lagos.

The CBN introduced the RT200 policy in February this year to reduce the country’s exposure to volatile sources of foreign exchange and improve sustainable forex inflow by giving rebates to exporters who repatriate their proceeds within a specific period of time.

The policy seeks to raise $200 billion in the next five years in forex earnings from non-oil sources by giving N35 for every 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 the year and will commence another series of examinations and verification exercises so that the third quarter rebates would be paid.

“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.” she asserted.

She added that there has also been a significant increase in the number of commodities that are exported from Nigeria, saying for instance, “regarding 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.”

 

 

 

spot_img
spot_img
spot_img

Hot this week

Fidelity Bank Commences Disbursement of FGN MSME Intervention Funds

Tier One Lender, Fidelity Bank Plc, has commenced the...

Fidelity Bank Honours Afreximbank President, Benedict Oramah, in Lagos

L -R: Minister of Industry, Trade and Investment, Dr....

Union Bank Champions Employee Wellness with Stay Recharged Health Walk

Union Bank of Nigeria held its first-ever Stay Recharged...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Stanbic IBTC Holdings Reports Remarkable Financial Growth for H1 2025    

Overview of Financial Performance  As of June 30, 2025, Stanbic...

Topics

Non-payment of Salaries: Matters Arising

At first, it was a rumour. Then, the rumor became stronger. And then, the rumour became political allegation that the federal and state governments could no longer pay salaries because public funds were deployed by the two major political parties to prosecute the 2015 general elections. Today, the situation has become a national embarrassment that Nigeria cannot pay its civil servants-from federal government to state governments. While actual figures of the total indebtedness at the federal and state levels is difficult to ascertain, various media reports quoted N110 billion as the total sum due to the unfortunate government employees.

Stanbic IBTC Bank PMI: New Order Growth at 7-month Low in June

June data signaled a broad stagnation of the Nigerian...

Time to End the Confusion of JAMB

The Joint Admissions and Matriculation Board (JAMB) was created with the best intention of ensuring seamless process of admission into universities in Nigeria by qualified candidates. For many years, JAMB fulfilled this mandate with admiration and commendation, to the satisfaction of candidates and their parents. Then, JAMB was synonymous with excellence in examination practice-the process was simple and forward. And those that failed to make the mark did not complain, they simply knew they did not measure up to the challenge.

AMCON Submits List of Top 1,000 Bank Debtors to NA for Speedy Recovery

In another deft strategy to intensify its debt recovery...

40 African Bankers Discuss Partnership, Growth at Confab

The Mauritius Commercial Bank Group (MCB) hosts 40 top...

Non-Performing Loans: Are Banks Innocent Victims?

The 322 Bankers’ Committee Meeting ended recently in Abuja with a resounding resolution to publish the names of bank debtors on August 1, 2015 under the so-called ‘Name & Shame’ initiative. The objective of this measure we were told is to recover the estimated N400 billion listed as outstanding bad debt in the banking sector.Even before the resolution of the Bankers’ Committee, a number of angry banks had already published such list of debtors in selected national dailies. Unity Bank Plc is one of them.

Shareholders Lament Foreign Acquisition of Local Insurance Firms  

  L-R: Welfare Officer, Independent Shareholders Association of Nigeria (ISAN),...

Broadband Commission: National Digital Health Strategy Critical

The Broadband Commission for Sustainable Development's Working Group on...
spot_img

Related Articles

Popular Categories

spot_imgspot_img