The Central Bank of Nigeria has said it will pay exporters N65 for every $1 sold into the economy through the Investors &Exporters window. The CBN made this known in a guideline on its newly introduced Race To $200bn scheme, titled, “Operating Guidelines for RT200 Non-Oil Export Repatriation Rebate Scheme.”
The CBN Governor, Godwin Emefiele, had on February 10, launched the RT200 programme at the post-Bankers’ Committee briefing held in Abuja. The RT200 programme is designed to help ease the inadequacy of forex supply and the constant pressure on the exchange rate, Emefiele had declared.
The monetary authority believes that the RT 200 will help the country 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.
On payment incentive, the guideline which was released on Sunday read, “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.
The rebate is part of the benefits under the Non Oil Exports Proceed Repatriation Rebate Scheme unveiled by the Central Bank of Nigeria, CBN, Friday.
Announcing details of the scheme in circular titled, Operating Guidelines for RT200 Non Oil Exports Proceed Repatriation Rebate Scheme’, the CBN said the objectives of the scheme are to: Enhance Foreign Exchange inflow; Diversify the sources of FX inflow; To increase the level of contribution of non-oil exports; Ensure stability and sustainability of FX inflows”.
According to th apex bank, “The scheme shall pay: N65 for every US$1 repatriated and sold at the I & E Window to Authorised Dealers and Banks (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.
“Payment of the incentive shall be made on quarterly basis. The accounts of exporters that qualify for rebates shall be credited latest one week after the end of the quarter”
On the eligibility criteria, the CBN stated: “Only exporters of finished and semi-finished goods are eligible for this incentive.
“Exporters shall qualify for the rebates only, where repatriated export proceeds are sold at the Investors’ & Exporters’ Window (1& E).
“Eligible transactions that qualify for incentives under the Scheme shall be: Export of finished and semi-finished goods wholly or partly processed or manufactured in Nigeria, except otherwise stated by the CBN; Export of goods and services (I.T and Creative Businesses) that are permissible and excluded under existing export prohibition list;
“Completion of e-Form NXP; Registration with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC); Sale of repatriated export proceeds at the | & E Window;
‘Notwithstanding when the export process was initlated, the exporter will qualify for the rebate provided the exporter meets”.
