CBN Spends N156 Billion on Rebates Schemes
The Central Bank of Nigeria (CBN) spent about N156 billion on its FX rebates schemes, specifically, its RT200 designed to drive foreign currency inflows into the economy gulped N317 billion, according to an audited financial statement for 2022.
Amidst a notable foreign currency shortage, the apex bank pushed out various measures to attract foreign inflows under suspended CBN governor, Godwin Emefiele.
Though with minimal success, the CBN launched Naira4dollar, then a rebate scheme for exporters that sell US dollars via the Investors and Exporters FX window to stabilise the local currency.
The Bank incurred N137 billion in 2022 on the RT200 scheme. In 2021 Naira 4 Dollar expense to the tune of 4 billion naira was captured under intervention expenses.
The rebate expenses incurred by the CBN in connection with the RT200 and Naira 4 Dollar schemes which the Bank introduced to enhance foreign currency inflow.
The objective of the scheme is also to diversify the sources of FX inflow, increase the level of non-oil exports, ensure stability and sustainability of FX inflows, and support export-oriented companies to expand their export operations and capabilities.
“In 2021 Naira 4 Dollar expense to the tune of N4 billion was captured under intervention expenses”, the apex bank said in its recently published audited statement amidst investigation. Despite the CBN efforts, the Nigerian naira has suffered a large devaluation after Emefiele was suspended. Yet, analysts maintained a bleak outlook on the local currency.#CBN Spends N156 Billion on Rebates Schemes#