CBN to pay N65 per dollar rebate to exporters that repatriate export proceeds

The Central Bank of Nigeria of Nigeria (CBN) said it would begin payment of N65 rebate to exporters who sold their goods through the importers and exporters (I&E) window, at the end of the first quarter. CBN Governor, Godwin Emefiele, said this shortly after signing the Term Sheet between the Infrastructure Corporation of Nigeria (InfraCorp) and the Independent Asset Managers in Lagos. The apex bank had in February announced policies, plans and programmes for non-oil exports that would enable Nigeria earn $200 billion in foreign exchange repatriation.

The RT200 FX Programme, which stands for the “Race to $200 billion in FX Repatriation, is a set of policies for non-oil exports to enable Nigeria attain the goal of $200 billion in FX repatriation.” Emefiele said, “you will recall that we effectively started in March, but, I have said that by the latest, after the end of the quarter, we will issue cheques. We will make payments to all those who have exported, their proceeds have come in and they sold them through the I&E window to import goods and services into the country. So, the first set of payment for the rebate will be done by next week and we are actually making it public so that Nigerians can know.

“And so that they can also encourage other exporters to say that the era when you export and your rebate never comes in five years, that era is gone,” he said. The CBN governor expressed the bank’s determination to ensure the success of the initiative. He said the kind of numbers that the apex bank got from the banks showed the policy was working very well. (NAN)