CBN Pays N81bn RT200 Rebate As Repatriated Funds Rise To $4.98bn

Nine months into the launch of the RT200 FX programme, the Central Bank of Nigeria(CBN) said, the volume of foreign exchange inflow into the country has risen by 56.3 per cent in 2022 as it has paid out about N81 billion in rebates.

This is even as he said, the first RT200 Export Summit held earlier this year has resulted in ease in trade processes in the country.

The RT200 FX programme is an initiative of the apex bank targeted at achieving $200 billion inflow form exports over the next three to five years through intensifying exporters who channel their inflow through the official window and sell it through the Investors’ and Exporters window.

Speaking at the second edition of the RT200 Export Summit in Lagos on Tuesday, the governor of the Central Bank of Nigeria(CBN), Godwin Emefiele, disclosed that, this year, a total of $4.987 billion have been repatriated into the country by non-oil exporters. This figure, he said, is higher than $3.190 billion repatriated in 2021.

“Of this amount only $1.966 billion qualified for the rebate program, but only $1.559 billion was sold at the I & E window or for own use,” he said.

Thus, he stressed, N81 billion had been paid out as rebate to hard working Nigerian exporters who channeled their foreign exchange returns through the official window.

The CBN governor, while noting that the improvement in repatriated funds is a testament to the resolve of the CBN to ensure quick acceleration of the export value chain in the country, said the apex bank has been urged to extend rebates to raw materials.

“I know that there have been calls to make all exporters eligible for the rebate, and not just limiting it to finished and semi-finished products,” he pointed out.

Meanwhile, following the issues discussed at the first RT200 Export Summit that was held earlier this year, Emefiele said, there has been headways as some of the issues have been resolved.

This, he said, was achieved with the cooperation of banks, Nigeria Custom Services, the Nigeria Export Promotion Council, Nigerian Port Authority as well as Nigerian exporters.

Emefiele stated that, “in terms of process and infrastructure for improving trade performance, we have recorded some achievements in automation and digitization of the trade processes. As of today, SONCAP and NAFDAC certificate and Marine insurance certificate are automated and fully integrated with the Trade Monitoring System.

“In addition, we are working with Quarantine Service to integrate their permits and certificates into the system and very soon the NPA eCall Up System will also be integrated.”

Some other enhancements measures have also been done with eNXP including integration with SGD and the development of the PIA portal aimed at the digitisation of the process of issuing Clean Certificate of Inspection (CCIs) by PIAs and ease of scheduling of inspection by exporters.