The Central Bank of Nigeria (CBN) has announced plans to pay exporters N65 for every $1 sold into the economy via the Investors & Exporters window.
The CBN disclosed this in a guideline on its novel Race To $200bn scheme, titled, “Operating Guidelines for RT200 Non-Oil Export Repatriation Rebate Scheme”
On February 10, BOOM Television reported the newly launched RT200 programme by CBN Governor, Godwin Emefiele, at the post-Bankers’ Committee briefing held in Abuja.
While speaking at the launching, Emefiele stated that the RT200 programme is designed to help ease the inadequacy of forex supply and the constant pressure on the exchange rate.
Similarly, the monetary authority believes that the RT 200 will help the country raise $200bn in forex earnings from non-oil proceeds over the next 3-5 years.
On payment incentive, the guideline which was released on Sunday states that “The Scheme shall pay N65 for every US$1 repatriated and sold at the I & E Window to ADBs for other thirty 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, it added.
It further stated that the payment of the incentive will be made on a quarterly basis.
The CBN also stated that any exporter that presents fraudulent documents or tries to undermine the scheme will not only be banned from accessing the incentive but also have all their bank accounts blocked for two years.
