Raising $200 billion in Foreign Exchange (Non-oil proceeds)
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RT200 FX PROGRAMME
In an effort to reduce exposure to volatile sources of foreign exchange and to earn more stable and sustainable inflows of FX, the Central Bank of Nigeria introduced the RT200 Programme.
The RT200FX Programme is an initiative of the Central Bank of Nigeria (CBN) which aims to raise $200 billion in Foreign Exchange (FX) earnings from Non-Oil Proceeds over the next 3-5 years. It is anchored on a five-point agenda with a view to raising $200 billion in FX earnings in the next five years. A major anchor of the program is the Non-Oil Export proceeds repatriation Rebate Scheme.
The rebate scheme is designed to incentivize exporters in the Non-Oil export sector to encourage repatriation and sale of export proceeds into the FX Market. It is borne out of the need to develop new strategies aimed at earning more stable and sustainable inflows of FX, in order to insulate the Nigerian economy from shocks and FX shortages.
Increase Revenue Inflow in FX
Increase Export Value
-Ensure stability and sustainability of FX inflows.
Only exporters of finished and semi-finished goods are eligible for this incentive.
Exporters shall qualify for the rebates only, where repatriated export proceeds are sold at the Investors'& Exporters' Window (I&E).
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