Nigerian exporters to receive N65 rebate for every $1 remitted – CBN

Nigerian exporters to receive N65 rebate for every $1 remitted - CBN

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has said it will pay a rebate of N65 to exporters for every $1 sold into the economy through the Investors &Exporters window.

The regulatory bank disclosed this in a guideline which was released on Sunday on its Race To $200bn scheme, titled, “Operating Guidelines for RT200 Non-Oil Export Repatriation Rebate Scheme” which it recently introduced.

The RT200 programme was launched on February 10 by Godwin Emefiele, the CBN Governor at the post-Bankers’ Committee briefing held in Abuja.

According to Emefiele, the programme is designed to help ease the inadequacy of forex supply and the constant pressure on the exchange rate. It targets to raise $200bn in forex earnings from non-oil proceeds over the next 3-5 years.

The FX programme is anchored on five key agendas which include: value-adding exports facility; non-oil commodities expansion facility; non-oil FX rebate scheme; dedicated non-oil export terminal and bi-annual non-oil export summit.

According to the guideline, “The Scheme shall pay, N65 for every US$1 repatriated and sold at the I & E Window to ADBs for other thirty party use, and N35 for every US$1 repatriated and sold into I&E for own use on eligible transactions only.

“However, the spread should not be more than 10 Kobo.”

The regulatory bank further stated that any exporter that presents fraudulent documents or tries to undermine the scheme will not only be banned from accessing the incentive but will also have all their bank accounts blocked for two years.

Payment of the incentive is expected to be on a quarterly basis.

Author: Greg