Godwin Emefiele, the Governor of the Central Bank of Nigeria, has ordered the immediate release of N3.5 billion in rebates to 150 exporters who took part in the Race to $200 billion scheme, otherwise known as RT200 FX Programme.
This was disclosed by the Managing Director of Fidelity Bank, Nneka Onyeali-Okpe, while speaking in a virtual press conference after the Committee’s meeting.
The CBN announced in February that it would pay exporters N65 for every dollar sold into the economy through the Investors & Exporters window, and N35 for every dollar repatriated and sold into I&E for personal use. The program has pumped $60 million into the Nigerian economy.
The CBN rebate scheme is intended to provide a significant incentive for Nigeria to achieve its objective of US$200 billion in foreign exchange repatriation from non-oil exports over the next 3-5 years. Furthermore, the initiative was promoted as a result of the success of the Naira 4 Dollar Scheme.
What they are saying
Nneka Onyeali-Okpe said that the apex bank had asked for the immediate payment of the rebate to the exporters which would be paid quarterly. She said, “The CBN Governor during the meeting announced the immediate release of N3.5 billion incentive to various exporters under the RT200 billion programme.
She added, “This rebate we just announced will be paid quarterly to exporters who qualify.
“All this is to ensure that we boost the foreign exchange that goes into the country.”
She also stated that the program has injected $60 million into the economy since its inception in February. She said, “According to data from the CBN, $60 million has come into the country since the programme commenced in February.
She also revealed that 150 exporters will be eligible for a rebate this quarter. “For the number of beneficiaries of N3.5 billion, there are 150 customers at various levels and some under the finished goods and some under the semi-finished goods,” she said.
What you should know about the scheme
- The CBN (Trade & Exchange Department) will be responsible for the day-to-day administration of the RT200 rebate Scheme.
- This rebate for dollars brought into the country only applies to exporters of finished and semi-finished goods.
- Also, only exporters that repatriated export proceeds and sell them at the Investors & Exporters Window will qualify for the scheme.
- The exporter must successfully have completed the e-Form NXP, Registration with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC) to be eligible for the rebate.
- The apex bank stated that any exporter that presents fraudulent document(s) or tries to undermine this Scheme shall be banned from accessing the incentive for 24 months and all accounts shall be placed on PN for the same period.