By Munachimso Obienyi
The Central Bank of Nigeria (Plc) at the weekend, disclosed that its RT200 policy will again undergo series of examination and verification exercise to ensure the third quarter (Q3) rebate would be paid to exporters by the end of September.
The Principal Manager, Trade and Exchange Department, at CBN, Anne Ezekannagha, stated this at the 2022 workshop of the Finance Correspondents Association of Nigeria (FICAN) with the theme: “Boosting Domestic Capacity for Sustainable Export Earnings” which held in Lagos.
The RT200 FX programme is an initiative of the CBN that aims to raise $200 billion in forex earnings from non-oil proceeds over the next three to five years.
Speaking during a panel session, Ezekannagha, noted that a lot of exporters do not repatriate their proceeds, adding that this is what RT200 is trying to do.
According to her, since the conception of the RT200, the figures have improved greatly.
“The rebate are to be paid quarterly and currently, we have approved rebate for two quarters; the first and second quarter 2022. Hopefully, by the end of September, there would be another series of examination and verification exercise so that the third quarter rebate would be paid.”
“We have seen significant improvement not just in the figures that are being repatriated but also in the number of exporters willing to come to the formal sector. A lot of our exports have been happening informally, she said.
“With this scheme, we are noticing not just the increase in figures but also in the increase of commodities that we are exporting. For example, in the solid mineral sector, we are seeing more players coming to the formal sector to report their export and participate in the RT200”, She said.
