CEM REPORT, FINANCE | Nigeria has repatriation $1.7 billion in the first quarter of 2023.
The funds repatriated through the CBN’s repatriation programme (RT200) is 40 per cent of the targeted $200 billion in foreign exchange (FX).
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, disclosed yesterday at the biannual RT200 non-oil export summit held in Lagos.
He noted that the sum was repatriated through the non-oil sector.
“Today, I am happy to note that the RT200 programme has made good progress in export proceed repatriation since its establishment in February 2022.
“When we started between February and March, it was only $62 million, by the second quarter it had risen to about $600 million and by the third quarter it had risen to over $900 million.
“Available data shows that repatriation due to the programme increased by 40 per cent from $3 billion in 2021, to $5.6 billion at the end of 2022. The momentum for 2023 is equally showing strong numbers and impressive prospects.
“In the first quarter of 2023, a total of $1.7 billion was repatriated to the economy while about $790 million was sold at the investors and exporters’ (I&E) window year-to-date. The balance of the proceeds remained in the Export Domiciliary Accounts of exporters.”
Emefiele said the CBN would commence publishing of names of the beneficiaries of the RT200 rebate to foster transparency.
He noted that proceeds not sold at the I&E window cannot and will not be eligible for a rebate.
“We would begin to advertise publicly the amount and the names of the companies that have benefited from the RT200.
“We will advertise all those that benefitted from January till March and we would advertise it by next week so Nigerians can see it.”
“Please note that proceeds that are not sold at the I&E window cannot and will not be eligible for rebate. So, we encourage those holding their export proceeds in their domiciliary accounts to take advantage of the rebate by selling at the I&E window.”
He added that to hit the targeted $200 billion in foreign exchange (FX) repatriation, shipping lines should ensure proper documentation of exports.
Emefiele also said the apex bank was monitoring some shipping companies aiding and abetting the smuggling of goods, warning that there were plans to sanction such companies by placing a post-no debit (PND) on the bank accounts.