Godwin Emefiele, the governor of the Central Bank of Nigeria, claimed that the bank’s ‘Race to USD200bn In FX Repatriation’ campaign has increased foreign exchange repatriation into the country by 40%.
The RT200 FX initiative aims to increase the market’s supply of stable and long-term foreign exchange. In five years, the program hopes to generate $200 billion in foreign exchange revenues from sources other than oil.
A total of US$1.7 billion was returned to the economy in the first quarter of 2023, and $790 million has been sold via the I&E window so far this year.
He went on to express the CBN’s commitment “to strengthening and expanding foreign exchange supply into the market. Naturally, you all are important in this clarion call of expanding the supply of foreign exchange inflow into the economy.”