$1.7bn repatriated to Nigeria in Q1 2023 – CBN

The Central Bank of Nigeria said $1.7 billion was repatriated to Nigeria’s economy in the first quarter of 2023.

The Governor of CBN, Godwin Emefiele, on Tuesday disclosed this at Lagos’s third Bi-Annual Non-Oil Export Summit.

Also, Emefiele stated that $970 million was sold into the Investors and Exporters window.

He noted that its RT200FX programme has continued to positively impact Nigeria’s economy.

He added that shipping firms with undocumented cargoes from the country would be penalized.

“In the first quarter of 2023, a total of $1.7 billion was repatriated to the economy, while about $970 million was sold into the I&E window,” he stated.

On February 10 2022, CBN established the RT200FX initiative to stimulate non-oil exports with a $200 billion FX income target in the next three to five years.