CBN to start payment of N65 forex rebate to exporters

Nigeria’s Central Bank of Nigeria has announced that it will start paying a N65 rebate to exporters who sell 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 the signing of the term sheet between the Infrastructure Corporation of Nigeria (InfraCorp) and independent asset managers on Friday in Lagos.

The apex bank had in February announced non-oil export policies, plans and programs that would see Nigeria earn $200 billion in foreign exchange repatriation.

The RT200 FX program, which stands for “Race to $200 Billion in Foreign Exchange Repatriation”, is a set of policies for non-oil exports enabling Nigeria to meet the target of $200 billion in foreign exchange repatriation.

Mr. Emefiele said: “You will recall that we actually started in March, but, I said that at the latest, after the end of the term, we will issue checks.

“We will make payments to everyone who exported, their receipts entered and they sold them through the I&E window to import goods and services into the country.

“So the first rebate payment will be made by next week and we are making it public so that Nigerians can know.

“And so they can also encourage other exporters to say that the era where you export and your discount never comes in five years, those days are over,” he said.

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