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CBN: We’ve paid over N3.5bn as rebates to eligible non-oil exporters

CBN: We’ve paid over N3.5bn as rebates to eligible non-oil exporters
June 17
11:22 2022

The Central Bank of Nigeria (CBN) says it has paid over N3.5 billion as rebates to eligible non-oil exporters.

Godwin Emefiele, CBN governor, said this during the maiden summit on non-oil exports under the race to $200 billion in FX repatriation (RT200) programme, held in Lagos on Thursday.

CBN had, in February, disclosed plans to pay a rebate of N65 to exporters for every $1 of goods sold to third parties through the investors and exporters (I&E) window.

The N65 bonus is a benefit under the RT 200 non-oil export proceeds repatriation rebate scheme.

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“We have recorded a significant increase in non-oil export repatriation, and have paid eligible exporters over N3.5 billion in rebates,” Emefiele said.

“The scheme was designed to incentivize exporters in the non-oil export sector to repatriate and sell their export proceeds in the local foreign exchange market and earn a rebate.”

Emefiele said the monetary policy alone cannot bear all the burden of the expected adjustments needed to manage FX demands.

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He called for the design and steadfast implementation of other supportive, structural, and complementary policies that are broad-based, coordinated, and focused on complementing the work of the monetary authority.

“This is the time for all of us to work together to reposition Nigeria on a growth trajectory by making diversification of the economy a serious business,” he added.

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