In a recent statement, the Central Bank of Nigeria (CBN) has officially announced the discontinuation of the RT200 Rebate and Naira4Dollar Remittance Schemes. The decision, effective from June 30, 2023, was confirmed by the Director of Financial Markets, Angela Sere-Ejembi.
The discontinuation of these schemes comes in light of the CBN’s announcement regarding the unification of the foreign exchange market rates in Nigeria. The move represents a significant shift in the country’s economic policies and reflects President Bola Ahmed Tinubu’s commitment to transforming the economic sector.
The RT200 Rebate and Naira4Dollar Remittance schemes were introduced in March 2021 by the then CBN Governor, Mr. Godwin Emefiele. These initiatives aimed to boost non-oil exports and encourage diaspora remittances, thereby increasing foreign exchange inflows into the country.
