CBN, Bankers’ committee repatriates $1.28bn under RT200

By Idris Bakare

The Race-To-$200 billion, RT200, non-oil export earnings initiative of the Central Bank of Nigeria, CBN, has recorded $1.28 billion repatriation in the third quarter of this year (Q3’22).

Meanwhile, the apex bank  is also set to deploy a National Domestic Card Scheme (NDCS) in line with its mandate to promote stability, inclusion and growth in the financial and payment system with effect from January 16, 2023.

Disclosing this at the post Banker’s Committee meeting press briefing on the decisions taken at the 364th  meeting of the Committee, Managing Director, Citi Bank, Mrs Iretiogo Samuel-Ogbu stated, “This initiative (RT200) is already beginning to bear fruit and show successes and at the end of Q3’22 the total amount repatriated was $1.28 billion and out of that, the total amount sold into the Investors & Exporters  window was $870 million.”

She also disclosed that in line with the incentives in the initiative the apex bank paid N42billion as rebate on the repatriated earnings during the period at the rate of N55 to the dollar.

On the deployment of  the NDCS the Managing Director, Nigerian Interbank Settlement System, NIBSS, Mr. Premier Oiwoh said, “The NDCS has been the framework of CBN and is being deployed to help improve the  payments landscape across the ecosystem in Nigeria.

“So part of the proposition that the card will be created is the payment drive acceptance and  efficiency, reduced operating cost in the country and also provisions of unique and reliable services. Other features and other products will be laid out in this card.”