CBN To Pay N65 Bonus To Exporters For Every $1 Remitted

The Central Bank of Nigeria says exporters will now enjoy a rebate of 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.”

Godwin Emefiele, the CBN Governor, made this known on Monday during the launched RT200 program at the post-Bankers’ Committee briefing held in Abuja.

The rebate is part of the benefits under the non-oil export proceeds repatriation rebate scheme — a major anchor of the CBN’s RT200 FX programme aimed at attracting $200 billion in foreign exchange (forex) earning from non-oil exports proceeds over the next three to five 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.

The CBN said 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 30 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.”

The apex bank says only exporters of finished and semi-finished goods are eligible for the incentive.

“Exporters shall qualify for the rebates only, where repatriated export proceeds are sold at the Investors & Exporters Window (I&E),” the circular adds.

“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; and export of goods and services (IT and creative businesses) that are permissible and excluded under existing export prohibition list.”

To ensure the success of the scheme, the CBN said: “Banks are, therefore, expected to show full understanding about both the real and perceived objectives of this Circular as any attempts to circumvent the intent of the Scheme shall result in the suspension of the FOREX dealership licence of the ADB for 24months.”