According to the nairametrics report, the Central Bank of Nigeria (CBN) said its RT200–FX program has begun to deliver its intended results despite a significant drop in the naira.Infomation Guide Nigeria
CBN’s Director of Corporate Communications, Osita Nwanisobi, made the announcement on his Apex Bank special day at the 17th Abuja International Trade Fair on Thursday.
The CBN RT200 FX program aims to increase revenue from consistent and sustained FX inflows. Still, a quick look at the data shows that the exchange rate has depreciated significantly since the policy kicked off in February 2022.
What the CBN is saying
Nwanisobi, who was represented by Samuel Okogbue, the Acting Director, Corporate Communications, said “The CBN, in collaboration with the Bankers’ Committee, in February, initiated the RT200 FX Programme aimed at boosting earnings of stable and sustainable inflows of foreign exchange.”
He added, “our records show that the initiative has started yielding the expected result.” “Importers and exporters have been taking advantage of the incentive of N65 for every dollar repatriated and sold at the I&E window. They also get N35 for every dollar repatriated for their use on eligible transactions,” he said.
He also stated that the CBN had started initiatives geared at improving the fortunes of SMEs throughout the years.
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He mentions the SMEs Credit Guarantee Scheme (SMECGS) and the Micro, Small, and Medium Enterprises Development Fund (MSMEDF).
He said, “There are also the Youth Enterprises Development Programme and the Agribusiness/Small and Medium Enterprises Scheme (AGSMEIS). Similarly, the CBN initiated Entrepreneurship Development Centres (EDCs), National Collateral Registry (NCR), the Creative Industry Financing Initiative (CIFI), the Targeted Credit Facility (TCF) and the Nigerian Youth Investment Fund (NYIF),”
Another initiative he mentioned was the Tertiary Institutions Entrepreneurship Scheme (TIES).
He added that the apex bank had also taken attempts to build a market for non-oil goods.
According to the director, the apex bank has given N66.99 billion to 12 new industry and agriculture projects under the Real Sector Support Facility (RSSF).
He stated that the total disbursement under RSSF was N2.10 trillion, which was distributed to 426 projects across the country.Jamb Result
“Recently, N20.17 billion was disbursed to 14 projects in healthcare, manufacturing and services, bringing the cumulative disbursement under the 100 for 100 Policy on Production and Productivity (PPP) to N93.39 billion to 62 projects,” he said.
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