Ten months after it was launched, the RT200 policy of the Central Bank of Nigeria (CBN) has raked in $1.28 billion in foreign exchange into the country as over N42 billion has been paid out in rebates to exporters who facilitated their earnings through official window.
This is even as commercial banks in the country say they support the aggressive tightening stance of the apex bank in reining in inflation in the country.
The Monetary Policy Committee (MPC), had, at its last meeting in September 2022, raised benchmark interest rate to an all-time high of 15.5 per cent while Cash Reserve Requirement(CRR) was raised to 32.5 per cent.
Speaking at a virtual press briefing at the end of the Bankers Committee meeting yesterday, the managing director and chief executive of Citibank Nigeria, Ireti Samuel-Ogbu, noted that, at the end of the third quarter ending September 2022, “the total amount repatriated under the RT200 programme was $1.28 billion.
“Out of that, the amount sold on the Investors’ and Exporters’ Window was $870 million. And then the amount in rebates, that was paid to corporates that had remitted the non-oil exports was N42 billion.”
On her part, the managing director and chief executive of Lotus Bank, Mrs kafilat Araoye, who also addressed journalists at the briefing, stated that, strong measures needed to be taken to rein in inflation which had soared to 20.77 per cent in September 2022.
According to her, commercial banks in the country are in support of the move by the CBN and the MPC to mop up excess liquidity in the system and reduce demand as well as pressure on foreign exchange in the country.
She stated that the increased MPR and CRR “will help reduce the pressure on foreign exchange. It is a simple demand and supply theory supply.”
