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CBN's RT200 initiative improves as non-oil exports hit $4.98 billion

The RT200 (Race to $200 billion forex inflows) policy of the Central Bank of Nigeria, CBN has recorded a huge leap as the apex bank recently announced a $4.987 billion forex inflow in 2022 showing an increase of 56.3 percent when compared to the inflow in 2021.

CBN Governor, Mr Godwin Emefiele.

This was disclosed by the CBN Governor, Mr Godwin Emefiele, during the second RT200 Bi-annual Non-oil Export Summit in Lagos.

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Speaking further, Emefiele revealed that the amount recorded so far in 2022, was an increase from the $3.190 billion the apex bank realized in 2021.

Amid the dwindling oil prices and crude oil theft which has really hit the country's economy negatively, Emefiele praised the efforts of the administration which has overcome some of the challenges to increase forex inflow to the country.

He also mentioned the inability of the Nigerian National Petroleum Company Limited (NNPCL) to remit forex to the economy due to the very huge level of crude oil theft which has affected crude oil production and left some terminals moribund.

The apex bank initiated the RT200 FX programme earlier this year to target an increased forex inflow of at least $200 billion from non-oil exports over the next three to five years by working with exporters who channel their inflow through the official window and sell it through the Investors' and Exporters' window.

He also added that N81 billion had been paid out as an incentive to some Nigerian exporters who obeyed the bank's policy of channeling their forex returns through the official window.

Emefiele further stressed that one of the goals of the RT200 program was to improve the industrialization process in the country and also, encourage Nigerian-based exporters to earn more from their export business.

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