Despite its best efforts, the World Bank has requested the Central Bank to reevaluate its RT-200 Program.
The global bank claims that this approach has increased the number of foreign exchange windows available to the country, further escalating its FX issues.”
The “Race to $200bn in FX Repatriation (RT-200)” campaign, which the CBN launched in February 2022, aims to repatriate $200bn of non-oil export revenues over the following five years. “The Washington-based bank added that although the CBN’s aim of repatriating $200 billion is ambitious, over the past ten years, the nation has only made $49 billion from non-oil exports.
The CBN’s governor, Mr. Godwin Emefiele, has said that in 2022, non-oil exporters will return $4.99 billion to Nigeria. According to him, $1. 97 billion was eligible for the refund scheme, and the apex bank paid out about N81bn in rebates to Nigerian exporters during the period.
