CBN unveils “RT200 FX programme” to attract $200 billion in FX repatriation

The Central bank of Nigeria has officially announced the launch of the RT200 FX Programme”, in a bid to get $200 billion in FX repatriation.

This was disclosed by the Governor of the Central Bank of Nigeria, Godwin Emefiele at the Bankers’ Committee press briefing today.

The RT200 Programme 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

What the CBN Governor is saying about RT200 Programme

The Governor in his speech said, ”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”.

Emefiele stated that the new policy is directed at the non-oil export sector. He said, “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.”

Under the programme, the CBN, working with the Money Deposit Banks, is to fund the construction of dedicated non-oil export terminals, to eliminate the delays currently experienced by exporters.

As regards the FOREX markets particularly, on the inadequacy of FX supply and constant pressure on the exchange rate, the CBN believe that the lessons learnt from its policies on remittances can be applied in improving some aspects of FX inflow into the country.

He listed 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.