Emefiele Says Non-oil Exporters Repatriated $1.7bn In Q1, 2023
The Central Bank of Nigeria (CBN), yesterday, revealed that non-oil exporters repatriated about $1.7 billion into the nation’s economy in the first three months (Q1) of 2023.
Its Governor, Godwin Emefiele disclosed this during his keynote address at the third edition of the biannual RT200 non-oil export summit which held in Lagos.
Speaking on the theme of the summit tagged; RT200: Challenges and Prospects to Success”, Emefiele said it was carefully selected to review the progress made from the inception of the RT200 programme to date.
He stated that programme has made good progress in export proceed repatriation since its establishment in February 2022.
“Available data shows that repatriation due to the programme increased by 40 per cent from $3.0 billion in 2021 to $5.6 billion at the end of 2022. The momentum for 2023 is equally showing strong numbers and impressive prospects.
“In the first quarter of 2023, a total of $1.7 billion was repatriated to the economy while about $790 million was sold at the I&E window year-to-date. The balance of the proceeds remained in the Export Domiciliary Accounts of exporters,” Emefiele said.
He noted that the proceeds that are not sold at the I&E window cannot and will not be eligible for the rebate and urged exporters holding onto their export proceeds in their domiciliary accounts to take advantage of the rebate by selling them at the I&E window.
The CBN Governor thereafter reiterated that the apex bank is committed to strengthening and expanding foreign exchange supply into the market.
He further assured that the CBN alongside the Bankers’ Committee will continue to partner with exporters to achieve their set objectives.
“It is time for all of us to work together to reposition Nigeria on a sustainable growth trajectory by taking diversification of the economy seriously. There is no better time than now to synergize for the benefit of our nation, as we implement a coordinated policy agenda that will support the economy and improve the economic activities,” Emefiele stated.
