The 2022 annual report of the Central Bank of Nigeria (CBN) has revealed that the apex bank spent N155.5 billion on the RT 200 and Naira4Dollar schemes in a bid to drive foreign exchange inflows.
The revelation is contained the bank’s 2022 annual report published after over 7 years of delay.
According to the CBN, the expenses were classified as “rebate expenses” which the apex bank explained was connected to RT 200 and Naira4Dollar, a policy under CBN that led Godwin Emefiele to attract forex inflows.
“Rebate expenses represent expenses incurred by the CBN in connection with the RT200 and Naira4Dollar schemes which the Bank introduced to enhance foreign currency inflow, diversify the sources of FX inflow, increase the level of non-oil exports, ensure stability and sustainability of FX inflows, and support export-oriented companies to expand their export operations and capabilities.”
The Bank stated it incurred N137 billion in 2022 on the RT200 scheme and in 2021 it incurred N4 billion as an expense for the Naira4Dollar scheme.
This policy has since been dropped since the unification of the naira was announced.
The RT200 scheme was launched in 2021 to encourage remittance inflows from Nigerians in the diaspora.
Under this scheme, the CBN offered a rebate of N5 for every $1 received by beneficiaries through licensed international money transfer operators (IMTOs).
The scheme was aimed at increasing the supply of foreign exchange and reducing the pressure on the naira.
The Naira4Dollar scheme was introduced in 2022 to stimulate exports and foreign direct investment (FDI). Under this scheme, the CBN offered a rebate of N5 for every $1 remitted by exporters and investors through licensed IMTOs.
The scheme was aimed at diversifying the sources of foreign exchange and supporting export-oriented businesses.
According to the CBN, the two schemes were successful in attracting foreign exchange inflows and enhancing the stability of the naira.
Nairametrics
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