CBN earns N24.8bn from RT 200 export policy in 60 days

The Central Bank of Nigeria (CBN) has realized $60 million (about N24.872 billion) from its RT 200 export policy launched in February this year to boost foreign exchange (forex) repatriation to Nigeria.

The figure was made known by the Managing Director of Fidelity Bank Plc, Nneka Onyeali-Ikpe during a virtual press conference at the end of the 30th bankers committee meeting, yesterday.

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• CBN earns N24.8bn from RT 200 export policy in 60 days

She said: “Figures from the CBN have shown that $60 million have so far been realized from the RT 200 policy as it stands. Subsequently, a total of N3.5bn rebate has been approved by the CBN, and banks are expected to release these monies to 150 exporters qualified to benefit from the rebate policy”

She said the rebate payment is expected to be quarterly and will be a continuous process.

Speaking further, she added that CBN is extending the policy to states interested in setting up export processing zones for exporters to boost exports in the country.

Speaking on the NQR code launched by the Nigeria Inter-Bank Settlement System, the managing director of Wema Bank, Ademola Adebishe said the bankers’ committee reviewed the progress so far made with a resolve to facilitate the acceptance of the technology.

“The decision of the bankers’ committee, therefore, is to ensure that it is accepted in 176 countries of the world and increase awareness for its acceptance,” he said.

On the CBN’s e-Naira launched six months ago, the Managing Director of Guaranty Trust Bank, Miriam Olusanya said: “Since the e-naira launch in October 2021, we have so far recorded 765,000 downloads. Also, we have about 165,000 consumer wallets while the merchant wallet is about 2,800.”

The Managing Director of Sterling Bank, Mr Abubakar Suleiman said the bankers’ committee is partnering with the Chartered Institute of Bankers of Nigeria (CIBN) to train more Nigerians in digital financial inclusion especially to fast-track the adoption of e-naira.

Earlier in his remarks, the director of banking supervision at the CBN, Mr Haruna Mustapha said the bankers’ committee meeting had focused on the naira, RT 200 policy, and the initiatives on payment platforms.