CBN Pays N42bn In RT200 Rebates

Ten months after it was launched, the RT200 policy of the Central Bank of Nigeria (CBN)  has raked in $1.28 billion in foreign exchange into the country as over N42 billion has been paid out in rebates to exporters who facilitated their earnings through official window.

Also, in line with its mandate to promote stability, inclusion and growth in the financial and payment system, the apex announced the implementation of a National Domestic Card Scheme effective January 16, 2023.

This is as commercial banks in the country say they support the aggressive tightening stance of the apex bank in reining in inflation in the country. The Monetary Policy Committee had at its last meeting in September 2022, raised benchmark interest rate to an all time high of 15.5 per cent while Cash Reserve Requirement was raised to 32.5 per cent.

Speaking at a virtual press briefing at the end of the Bankers Committee meeting yesterday, the managing director/chief executive of Citibank Nigeria, Ireti Samuel-Ogbu, noted that at the end of the third quarter ending September 2022, “the total amount repatriated under the RT200 programme was $1.28 billion

“Out of that, the amount sold on the Investors’ and Exporters’ Window was $870 million. And then the amount in rebates, that was paid to corporates that had remitted the non-oil exports was N42 billion.

On her part, the managing director and chief executive of Lotus Bank, Mrs Kafilat Araoye, who also addressed journalists at the briefing stated that strong measures needed to be taken to rein in inflation which had soared to 20.77 per cent in September 2022.