The Central of Nigeria has announced the cessation of the RT200 Rebate and the Naira4Dollar Remittance Schemes.

CBN disclosed this on Wednesday in a statement by the Director Angela Sere-Ejembi, Director, Financial Markets.

“Cessation of RT200 Rebate Scheme and the Naira4Dollar Remittance Scheme, with effect from 30 June 2023”, the statement reads.

The development followed the announcement of foreign exchange market rate unification by CBN.

It was reported that the Country’s apex bank officially confirmed the changes to Nigeria’s foreign exchange market.

The unification of Nigeria’s foreign market comes as President Bola Ahmed Tinubu pledges transformation of the economic sector.

In March 2021, the RT200 Rebate and Naira4Dollar Remittance schemes were introduced by the suspended CBN Governor, Mr. Godwin Emefiele to boost non-oil exports, and diaspora remittances to encourage foreign exchange inflows.