New Telegraph

CBN Scraps RT200 Rebate, Naira4dollar Remittance Schemes

-Collapses all segments of fx market into I&E window

The Central Bank of Nigeria (CBN) has announced the cessation of its RT200 rebate and Naira4Dollar remittance schemes with effect from June 30. Although the apex bank did not give any reason for the scrapping of the schemes, the development was among announcements on changes to the foreign exchange market that it unveiled via a press release issued yesterday, which was signed by the Director, Financial Markets, Dr Angela Sere-Ejembi.

The RT200 programme and Naira4Dollar remittance scheme were some of the initiatives introduced by the CBN to help boost the country’s fx inflows. In the statement released late yesterday evening, the CBN announced that it has collapsed all segments of the foreign exchange market into the Investors and Exporters’ (I&E) window.

It, however, said applications for medicals, school fees, BTA/PTA, and Small and Medium Enterprises (SMEs) would continue to be processed through Deposit Money Banks(DMBs).

The CBN also announced the re-introduction of the “willing buyer, willing seller” model at the I&E window, stating that all eligible transactions are permitted to access foreign exchange at the window.

According to the statement, “the operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places. “Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures. “ Limits on overbought.

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