The World Bank has advised the Central Bank of Nigeria (CBN) to review the ‘Race to US$200 Billion In FX Repatriation (RT200 FX) Programme’ due to its impact on the country’s foreign exchange.
World Bank explained that people or businesses benefiting from the RT200 FX Programme will take advantage of the incentive offered by the central bank through the rebate scheme.
Ripples Nigeria gathered from the World Bank’s ‘Nigeria Development Update (December 2022): Nigeria’s Choice.’ report that traders could obtain forex in official market and exchange it in the black market to take advantage of the premium rate difference between both forex market.
