Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has stated that export proceeds repatriation for rebate will rise to $1billion by fourth quarter of 2022.
The CBN boss disclosed this on Saturday in Lagos, at a press conference on the outcome of the 13th annual Bankers’ Committee Retreat, with the theme, “Increasing the Productive Base of the Nigerian Economy and Non-Oil Export Revenues.”
Emefiele said that tremendous progress had been made in generating non-oil export revenues in 2022.
The News Agency of Nigeria (NAN) reports that the retreat, a milestone event in the calendar for the financial services sector in Nigeria, provided a unique platform for the Bankers’ Committee to conduct a recap of major banking system activities in the year.
It also provided them the opportunity to look at some of the global and local developments they thought impacted the banking and financial system landscape in Nigeria in the coming year. Emefiele recalled that the RT200 programme started in February 2022. “During the six weeks in February and March when the programme started, rebates of N65 were given export proceeds repatriation that earned rebate was about $62 million. During the second quarter, export proceeds repatriation that earned rebate was about $622 million and the third quarter, we saw almost about $850 million of export proceeds that earned rebate. This is not export proceeds that did not earn rebates. Let’s not forget the rebate is only meant for processed goods. So, by the time we add both processed and unprocessed goods like unprocessed cocoa and cashew, we actually ran into almost $1billion during the third quarter.
Emefiele said: “And we are beginning to think that we should be able to continue to ramp up. We are looking hopefully in the fourth quarter, which we will be seeing in January, we hope that we should be able to hit over a billion dollar in export proceeds and repatriations that will qualify for rebate.”
He said that the gathering highlighted the tremendous progress that had been made with the initiative. Emefiele recalled that in the course of the year before the commencement of the RT200, the apex bank threatened the banks to begin to source for foreign exchange to meet the needs of their customers and not entirely rely on CBN sources.
“But seeing the progress that has been made so far, we are talking about $62 million plus $622 million plus $850 million, we are talking of almost two billion dollars. So far, we think that with the good progress and on the basis of the progress that has been made so far, the CBN will continue to support the market with foreign exchange, albeit as hard as it may be.
“We will continue to support the market while banks themselves continue to ramp up their own sources of non-oil export that can earn foreign exchange through repatriation, which they can use to fund the needs of their customers”, he added.