CBN: $200b policy opens new windows for dollar earnings

According to the report from thenationonlineng, the Central Bank of Nigeria (CBN) said its $200 billion non-oil export revenue target policy has brought new commodities to the market and created new channels of dollar revenue.Information Guide Nigeria

Anne Nnenna Ezekannagha, CBN’s trade and trading division chief manager, said the policy, named “FX – incentives for export earnings to encourage more dollars into the economy,” includes the solid minerals sector as a contributor.

She provided feedback on the program at the Nigerian Association of Financial Correspondents’ Association (FICAN) -annual workshop in Lagos.JAMB Result

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In her opinion, the repatriation rebate scheme for non-oil export earnings is a major anchor for a program aimed at generating $200 billion in foreign exchange earnings from non-oil export earnings over the next three to five years.

On the topic ‘Enhancing Domestic Capacities for Sustainable Export Earnings’, Mr Ezekannaga said: So it is our idea that we want the exporters to return the funds. Many exporters do not repatriate funds and RT200 is intended to facilitate the repatriation of non-oil earnings.”

“We have seen a significant improvement not just in the figures that are being repatriated, but also in the number of exporters that are willing to come to the formal sector. Because a lot of our export has been happening informally, but with this scheme, we have found that a lot more players in the export sector are willing to come to the formal sector.

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