Godwin Emefiele, the governor of the Central Bank of Nigeria, claimed that the bank’s ‘Race to USD200bn In FX Repatriation’ campaign has increased foreign exchange repatriation into the country by 40%.
This was said by him on Tuesday during his keynote speech at the CBN’s “Third RT200 Non-oil Export Summit” in Lagos.
The RT200 FX initiative aims to increase the market’s supply of stable and long-term foreign exchange. Over the following five years, the program hopes to generate $200 billion in foreign exchange revenues from sources other than oil.
Emefiele remarked, “I’m pleased to report that since the RT200 program’s creation in February 2022, export proceeds repatriation has made remarkable progress. According to the information that is currently available, repatriation as a result of the program grew by 40% 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.”
The CBN is committed to “strengthening and expanding foreign exchange supply into the market,” he continued. You guys are obviously crucial to this campaign to increase the flow of foreign currency into the economy.
