CBN Earns $600 Million Through RT200 FX Program

In its efforts to boost foreign exchange inflows amid growing demand for goods and services by Nigerians, the Central Bank of Nigeria (CBN) said that in the first and second quarters of 2022, it garnered about 600 million US dollars in June. 2022 through the RT200 FX program.

This was revealed by the CBN’s Director of Corporate Communications, Mr. Osita Nwanisobi, who reiterated that the CBN remained committed to addressing the foreign exchange issues facing the nation and as such was striving to manage both supply and demand challenges.

Speaking on the matter in Abuja over the weekend, he said: “Bank records showed that currency inflows through the RT200 FX program during the first and second quarters of 2022 increased significantly to reach approximately $600 million in June 2022”.

While admitting that there was enormous demand pressure for foreign exchange to meet the needs of manufacturers as well as those for payment of school fees, medical expenses and other Invisibles, Nwanisobi said the Bank was concerned about the international value of the naira, adding that the monetary authority was developing a strategy to help Nigeria secure more stable and sustainable foreign exchange inflows in the face of declining inflows from the oil sector.

Specifically, he noted that recent initiatives undertaken by the Bank, such as the RT200 FX program and the Naira4Dollar rebate program, have helped increase foreign exchange inflows into the country.

Likewise, he revealed that the Naira4Dollar incentive also boosted the volume of Diaspora remittances in the first half of the year.

Continuing, he said that interventions such as the 100 percent policy on production and productivity, the anchor borrower program (ABP) and the non-oil export stimulation facility (NESF), among others, were also aimed at diversifying the economy, improving the inflow of foreign exchange, stimulating production and reducing the pressure of foreign exchange demand.

Nwanisobi therefore said that the Bank would continue to make a deliberate effort in the foreign exchange sector to avoid a further decline in the value of the naira, which he said is fueled by speculative tendencies.

Reiterating an earlier position by CBN Governor Mr. Godwin Emefiele, he urged Nigerians to play their part by adjusting their consumption patterns, inward looking and finding innovative solutions to the country’s challenges.

He argued that monetary policy alone could not bear the full burden of the expected adjustments needed to manage Nigeria’s foreign exchange challenges and warned that: “It is our collective duty as Nigerians to support the value Naira”.

Nwanisobi advised Nigerians not to succumb to the speculative activities of some players in the foreign exchange market.

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