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Wednesday, September 28, 2022

CBN To Begin Payment Of N65 Rebate To Exporters

CBN To Begin Payment Of N65 Rebate To Exporters

At the end of the first quarter, the Central Bank of Nigeria (CBN) announced that it would start paying N65 rebates to exporters who sold their goods through the importers and exporters (I&E) window.

Godwin Emefiele, Governor of the Central Bank of Nigeria, stated this shortly after signing a Term Sheet on Friday in Lagos between the Infrastructure Corporation of Nigeria (InfraCorp) and the Independent Asset Managers.

The News Agency of Nigeria (NAN) reports that the apex bank had in February announced policies, plans and programmes for non-oil exports that would enable Nigeria earn 200 billion dollars in foreign exchange repatriation.

The RT200 FX Programme, which stands for the “Race to 200 billion dollars in FX Repatriation, is a set of policies for non-oil exports to enable Nigeria attain the goal of 200 billion dollars in FX repatriation.”

CBN To Begin Payment Of N65 Rebate To Exporters
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Emefiele 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 they can also encourage other exporters to say that the era of exporting and never getting a rebate in five years is over,” he said.

The governor of the CBN stated that the bank is committed to the initiative’s success.

He went on to say that the data the apex bank received from the banks showed that the policy was working very well.


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