Exporters To Get N65 Incentive For Every Dollar Sold To CBN

The Central Bank of Nigeria has released a guideline for its newly launched RT200 Forex Programme which it says will pay N65 for every dollar repatriated and sold at the Investors and Exporters Window.

The apex bank revealed this in a document, “Operating Guidelines for RT200 Non-Oil Export Repatriation Rebate Scheme” seen by THE WHISTLER.

The CBN Governor Godwin Emefiele on February 10, 2022 launched the Road To $200bn forex programme at the post-Bankers’ Committee briefing held in Abuja.

The RT200 will help ease the inadequacy of forex supply and the constant pressure on the exchange rate, according to Emefiele.

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 agenda 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 the payment incentive, the bank said, “shall pay N65 for every US$1 repatriated and sold at the I&E to ADBs for other third-party use.

“N35 for every US$1 repatriated and sold at the 1&E for own use on eligible transactions only.”

The CBN said payment of the incentive will be made every quarter through the accounts of the beneficiaries.

Based on the document, only exporters of finished and semi-finish goods who sell repartrated export proceeds at the I&E Window.

The document further revealed that I.T and creative businesses that are permissible will also enjoy the rebate.