CBN wasted N155.6 billion on controversial Naira4Dollar policy in 2022: Financial statement

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The Central Bank of Nigeria (CBN) 2022 spent N155.6 billion on the controversial RT200 rebate and Naira4Dollar remittance schemes, which ended officially on June 30 without an impact.

The CBN revealed this in its recently released financial report on Thursday.

According to the report, the CBN spent N137 billion on the RT200 plan in 2022. In 2021, the expenses for the Naira4Dollar incurred were N4 billion and were classified as intervention expenses.

Both schemes were introduced in 2021 by suspended CBN Governor Godwin Emefiele but didn’t take immediate effect until 2022. The schemes were designed to increase non-oil exports and diaspora remittances to increase foreign exchange inflows into the economy.

“Rebate expenses represent expenses incurred by the CBN in connection with the RT200 and Naira 4 Dollar schemes which the Bank introduced to enhance foreign currency inflow, 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.” the CBN reports explained.

The central bank had, in a circular on the operational changes to the foreign exchange market issued last month and signed by CBN Director of Financial Markets Department Angela Sere-Ejembi, abolished the cessation of the RT200 rebate scheme and the Naira4Dollar remittance scheme, which took effect from June 30.

The plan provides a rebate of N65 for every $1 of repatriated non-oil export revenues paid to semi-finished and finished goods exporters, while unprocessed items exporters receive a rebate of N25/$.

Similarly, the Naira4Dollar Scheme was launched in March 2021 as an incentive for foreign money transfer senders and beneficiaries. The policy called for a payment of N5 for every $1 received in remittances.

Peoples Gazette reported in October 2021 how the CBN plagiarised the policy and terms of use of an American wireless equipment supplier as the apex bank’s policy on its website.

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