Forex repatriation: CBN to commence payment of N65 rebate to exporters next week

The Central Bank of Nigeria (CBN) has announced that it would commence the 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.

The initiative which is under the apex bank’s RT200 FX Programme which stands for the “Race to US$200 billion in FX Repatriation”, is a set of policies, plans and programmes for non-oil exports that will enable Nigeria attain a lofty yet attainable goal of US$200 billion in FX repatriation, exclusively from non-oil exports, over the next 3-5 years.

According to NAN, this was made known by the CBN Governor, Godwin Emefiele, after signing the Term Sheet between the Infrastructure Corporation of Nigeria (InfraCorp) and the Independent Asset Managers, on Friday in Lagos.

CBN Governor says payment to start next week

Emefiele in his statement 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 that era is gone.’’

The CBN governor expressed the bank’s determination to ensure the success of the initiative, adding that the kind of numbers that the apex bank got from the banks showed the policy was working very well.

What you should know

• Recall that in February 2022, the CBN officially announced the launching of the RT200 FX Programme”, in a bid to get $200 billion in FX repatriation.
• The RT200 Programme is expected to have 5 key anchors namely; Value-Adding Exports Facility, Non-Oil Commodities Expansion Facility, Non-Oil FX Rebate Scheme, Dedicated Non-Oil Export Terminal and Biannual Non-Oil Export Summit
• Emefiele pointed out that the decision to launch the programme was in line with the apex bank’s new commitment to boost the country’s foreign reserves through proceeds from non-oil exports.
• The CBN intends that the new RT200 FX Programme will be similar to the Naira4Dollar scheme for diaspora remittances,  which offers recipients of diaspora remittances through CBN’s International Money Transfer Operators to be paid N5 for every $1 received as remittance inflow.