The Central Bank of Nigeria (CBN) has said its $200 billion non-oil export revenue target policy has introduced new commodities to the market and created new channels for dollar earnings.
The Principal Manager, Trade and Exchange Department, CBN, Mrs. Anne Nnenna Ezekannagha, said the policy, named – FX- incentivises export earnings to encourage more dollar accruals to the economy, has major players in the solid minerals space as contributors.
She gave feedback on the scheme at the Finance Correspondents Association of Nigeria (FICAN) yearly workshop in Lagos.
According to her, Non-Oil Export Proceeds Repatriation Rebate Scheme remains the major anchor of the programme, which has a policy thrust to raise $200 billion in forex earnings from non-oil export proceeds over the next three to five years.
Speaking on the theme: “Boosting Domestic Capacity for Sustainable Export Earnings.”, Ezekannagha said: “RT200 is an initiative that was launched by the CBN and is anchored on our rebate scheme. So, the idea is that we want to encourage exporters to repatriate their funds. A lot of exporters do not repatriate their funds and the RT200 is to encourage the repatriation of non-oil proceeds.”