The Central Bank of Nigeria has announced policies, plans and programs for non-oil exports that will enable Nigeria earn 200 billion dollars in foreign exchange repatriation.

The CBN Governor, Godwin Emefiele, made the announcement virtually at the post-Bankers’ Committee news briefing on Thursday.

It was to unveil new initiatives to boost the Nigerian economy.

Emefiele said the measure became imperative due to the fact that the export of primary unprocessed commodities does not yield much in foreign exchange.

He said that the country would not continue to put all its hopes on earnings from crude oil.

Emefiele said that even if the country depended on crude oil, it would not again be a source with which she earns foreign exchange to fund her foreign exchange import obligations.

He said: “After careful consideration of the available options and wide consultations with the banking community, the CBN is, effective immediately, announcing the Bankers’ Committee ‘RT200 FX Programme’, which stands for the ‘Race to US$200 billion in FX Repatriation’.