RT200 FX programme: We paid N20bn rebate in Q2 to exporters, says Emefiele

The Central Bank of Nigeria (CBN) says it has paid N20 billion as forex rebates for the second quarter of the year (Q2) to eligible non-oil exporters.

Godwin Emefiele, the apex bank governor, disclosed this to journalists on Tuesday after the monetary policy committee meeting at the CBN headquarters in Abuja.

The rebate is under the apex bank’s ‘Race to $200 billion in FX Repatriation (RT200FX)’ programme.

The RT200FX programme was introduced to stimulate non-oil exports with a $200 billion FX income target in the next three to five years.

While addressing the question on the RT200 programme, Emefiele said the initiative had made so much progress, hence the increase in rebates paid.

He also added that the target of reducing the dependency of commercial banks on CBN for foreign exchange would likely come to an end before the end of the year.

“Indeed, we are delighted that the race to $200 billion is yielding good results, the RT200. Because of the data that we have so far, and I read it in the communiqué, we found out that we have received inflows as of June this year of over $2.9 billion,” he said.

“You all know that we have this morning just approved the release on payment of rebates to those who conducted export activities to the tune of N20 billion for quarter two (Q2). You can see a jump from N3.6 billion in Q1 to N20 billion in Q2. 

“This is because we found out that there has been a lot of export, and those exports were found to be eligible to have rebates, which were in the tune of over $600 million and that is the reason we are paying slightly over N20 billion during the second quarter.

“We are very happy and delighted that a lot more people are embracing export in Nigeria and as a result of incentives that we are providing, the incentives that are being paid promptly, that revenue export earnings are increasing. And we had hinted that at some point, we will get to a point where the banks will not even need to come to the CBN to buy foreign exchange to meet the important needs of their customers.”