CBN Pay Exporters N20bn Rebate From RT200FX – Emefiele

The Central Bank of Nigeria (CBN) said it has released the sum of N20 billion rebates to eligible exporters in the second quarter of implementing the RT200 FX programme for exports worth $600m.

CBN Governor, Godwin Emefiele disclosed this to journalists shortly after the Monetary Policy Committee meeting held in Lagos on Tuesday, Naija News understands.

The economists revealed that the RT200 FX Programme was a set of policies, plans and programmes for non-oil exports that would help the country to attain the $200bn goal in FX repatriation, exclusively from non-oil exports.

Emefiele said the apex bank is grateful that the race to $200bn is yielding good result under the RT200 programme.

From the data received so far, Emefiele said the bank found out it has received inflow as of June this year of over $2.9bn.

He said: “And we all know that in the first quarter when we started, we disbursed N3.6bn as a rebate for those who have conducted export activities. For quarter two, we have this morning, just approved the release and payment and rebate to those who conducted export activities to the tune of N20bn for quarter two.

“You can see a jump from N3.6bn in quarter one to N20bn in quarter two because whereas we found out that, yes there has been a lot of exports, those exports that were found to be eligible for the reason were in the tune of over $600m and that is the reason why we are paying slightly over N20bn in the second quarter.”

Emefiele said it was delighted that a lot of people had been doing export in Nigeria as a result of the incentive that the CBN was providing and paying promptly.

He added: “Exports in earnings are increasing and we have calculated that at some point, we will get to the point that the banks will not even need to come to the CBN to buy foreign exchange for the need of their customers.

“We are delighted that we are moving gradually in that direction and this number will improve by the end of the year.”

Naija News understands that Emefiele had months ago after a meeting with the Bankers’ Committee, announced the RT200 FX Programme to boost forex supply in the country through the non-oil sector in the next three to five years.

He explained that the RT200 FX Programme was a set of policies, plans and programmes for non-oil exports that would enable the country to attain the $200bn goal in FX repatriation, exclusively from non-oil exports.