AFTER five years of ignoring calls to jettison the demand management foreign exchange (FX) strategy, the Central Bank of Nigeria (CBN) has finally embraced the supply policy to shore up dollar supply and rejuvenate an ailing economy.

Following this improvement the Central Bank of Nigeria (CBN) on Thursday announced a new scheme to improve dollar supply, known as Bankers’ Committee “RT200 FX Programme”, which stands for the “Race to $200 billion in FX Repatriation.”

Godwin Emefiele, governor of the CBN, announced this at a virtual press conference after the bankers committee meeting.

A demand management FX strategy focuses on controlling demand for dollars while a supply policy involves boosting dollar supply through a series of official pronouncements and policies

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“The RT200 FX Programme is a set of policies, plans and programmes for non-oil exports that will enable us attain our lofty yet attainable goal of US$200 billion in FX repatriation, exclusively from non-oil exports, over the next 3-5 years,” he said.