RT 200 FX Programme attracts $60m, as 150 exporters benefit N3.5bn from non-oil export
The Bankers Committee of the Central Bank of Nigeria (CBN) on Thursday disclosed that $60million foreign exchange has been repatriated into the country through its RT 200 FX Programme, stressing that 150 exporters benefitted N3.5billion from its non-oil export initiative.
The 361th committee meeting, held virtually featured the Director of Banking Supervision, CBN, Mr. Haruna Mustafa; C EO, Guaranty Trust Bank Plc, Mrs. Miriam Olusanya ; CEO, Fidelity Bank Plc, Nneka Onyeali-Ikpe; CEO, Wema Bank Plc, Mr. Ademola Adebise and CEO, Sterling Bank Plc, Mr. Abubakar Suleiman.
Mustafa noted that three major issues discussed at the meeting include the recently launched RT 200 programme aimed at diversifying sources of FX to support economic activities, e-Naira and the initiatives targeted at expanding various payment options for Nigerians.
Speaking on the RT 200 policy of the CBN, the CEO, Fidelity Bank, Onyeali_Ikpe disclosed that the CBN Governor, Mr. Godwin Emefiele announced the immediate release of rebate of N3.5billion initiatives to various exporters.
She noted that the released fund is in fulfilment of the CBN’s promise to raise $200billion from non-oil export to boost foreign exchange earnings into the country over the next 3-5years.
According to her, the RT 200 FX Programme was launched in February 2022 to encourage value addition to export products in Nigeria.
She noted that the CBN governor had announced the rebate of paying N65 for every $1 repatriated and sold at the Investors and Exporters Window, while the proceeds from the export utilized by the exporters would attract a proceed of N35 for every $1.
She said: “In the same programme, the CBN announced single digit for state government as incentives to set up export processing zones and terminals. This rebate announced will be paid quarterly to exporters who qualifies.
“The incentives to the governments will be a single digit and long-term financing. All these are to ensure that we boost foreign exchange inflow into the country.”
Wema Bank’ Adebise, said the committee reviewed the level of banks’ customer adoption of the NQR code launched in 2021 by NIBSS.
He noted that the objective of the NQR, among other payment platforms is to improve financial inclusion through the payment of infrastructure in the country.
Adebise said the NQR is complementary to other payment platforms such as the Point-of-sales terminal, among others.
He disclosed that the NQR code would be acceptable in over 176 countries.
He added: “The committee decided to improve on the awareness of the NQR code given the benefits it will bring to the nation’s payment system in the country.”
Olusanya stated that the committee discussed the e-Naira initiatives, stressing that the feature of the currency is digital and CBN has realised the fact and it has protectively pioneered digital currency in Africa.
“Since it launched six months ago, we have seen 756,000 downloads of the App. In terms of consumer wallets, we have seen 165,000 wallets and 2,800 merchant wallets. The advantage of the wallets is currently at no cost and one of the objectives of the CBN is that it remained cheaper, than other channels,” she said
She disclosed that the plan is to onboard the unbanked into the e-Naira using the USSD platform, stressing that the objective is to aid financial inclusion.
