This was disclosed by the Governor of the Central Bank of
Nigeria, Godwin Emefiele at the Bankers’ Committee press briefing today.
The RT200 Programme will have the following five (5) key
anchors: Value-Adding Exports Facility, Non-Oil Commodities Expansion Facility,
Non-Oil FX Rebate Scheme, Dedicated Non-Oil Export Terminal and Biannual Non-Oil Export Summit
The Governor in his speech said, ”After careful
consideration of the available options and wide consultation with the Banking
Community, the CBN is, effective immediately, announcing the Bankers’ Committee
“RT200 FX Programme”, which stands for the “Race to US$200 billion in FX
Repatriation”.
Emefiele stated that the new policy is directed at the
non-oil export sector. He said, “The RT200 FX Programme is a set of policies,
plans and programmes for non-oil exports that will enable us attain our lofty
yet attainable goal of US$200 billion in FX repatriation, exclusively from
non-oil exports, over the next 3-5 years.”
As regards the FOREX markets particularly, on the inadequacy
of FX supply and constant pressure on the exchange rate, the CBN believe that
the lessons learnt from its policies on remittances can be applied in improving
some aspects of FX inflow into the country.
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