Central Bank of Nigeria in its latest data has revealed that the RT $200 FX programme recorded a massive success as non-oil exporters have ramped up the repatriation of export proceeds through the Investors and Exporters (I&E) window of the foreign exchange (forex) market.
According to the data, inflows from non-oil exports coming through the I&E window surged by 166 per cent to $2.4bn in the first six months (H1) of 2022.
This is a massive success when compared to forex inflow data over the past five years.
Over the past five years, inflow data for non-oil exports flowing through the I&E window as at H1 was $100m (2017), $500m (2018), $500m (2019), $300m (2020) and $900m (2021).
The RT200 FX programme which stands for the Race to $200 billion in FX repatriation , is an initiative for non-oil exports that will enable Nigeria to achieve a goal of $200 billion in FX repatriation, exclusively from non-oil exports over the next three to five years
A major anchor of the programme is the Non-Oil Export Proceeds Repatriation Rebate Scheme. The scheme is designed to incentivise exporters in the non-oil export sector to encourage repatriation and sales of export proceeds into the forex market.
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It was borne out of the need to develop new strategies aimed at earning more stable and sustainable inflows of forex in order to insulate the Nigerian economy from shocks and forex shortages.
The rebate scheme pays N65 for every $1 repatriated and is sold at the I&E window to Authorised Dealer Banks (ADBs) for other third party use, and N35 for every $1 repatriated and sold into I&E for own use on eligible transactions.
Payment of the incentive is made on a quarterly basis. The accounts of exporters that qualify for rebates are credited one week after the end of the quarter.
In April, the CBN Governor, Godwin Emefiele, ordered the immediate release of N3.5bn in rebates to 150 exporters who took part in the RT200 FX programme.
