The Central Bank of Nigeria (CBN) has reported that non-oil exports foreign exchange earnings surged by 166 percent to $2.4 billion in the first six months (H1) of 2022 compared to the inflows in the corresponding quarter of 2021
According to the latest forex data report by the apex bank, the $2.4 billion inflow was through the I&E window and could be directly linked to the success associated with the implementation of the RT 200 programme.
The RT200 FX programme is an initiative of the CBN which aims to raise $200 billion in forex earnings from non-oil proceeds over the next three to five years.
An analysis of the forex data report by the CBN indicated that the first quarter 2022 forex inflow represented an exponential increase. For instance, non-oil forex inflow data for non-oil exports flowing through the I&E window as it related to the first six months of each year showed that in 2017 $100 million was repatriated.
Also, in half year 2018, the inflows through the I&E Window totaled $500 million; HY 2019 also recorded $500m inflow; 2020 HY, $300 million and HY 2021, $900 million.
A major anchor of the RT200 FX programme is the Non-Oil Export Proceeds Repatriation Rebate Scheme, designed to incentivise exporters in the non-oil export sector to encourage repatriation and sales of export proceeds into the forex market.
According to the monetary authorities, the Scheme was borne out of the need to develop new strategies aimed at earning more stable and sustainable inflows of forex in order to protect the nation’s economy from shocks and forex shortages.
The rebate scheme pays N65 for every $1 repatriated and is sold at the I&E window to Authorised Dealer Banks (ADBs) for other third party use, and N35 for every $1 repatriated and sold into I&E for own use on eligible transactions.
In line with the Scheme’s implementation guidelines, payment of the incentive is made on a quarterly basis and the accounts of exporters that qualify for rebates are credited one week after the end of the quarter.
It would be recalled that last April, the CBN Governor, Godwin Emefiele, directed the immediate release of N3.5bn in rebates to 150 exporters who took part in the RT200 FX programme.
