CBN unveils N65/$ rebate for exporters of non-oil products
Exporters will now enjoy a rebate of N65 for every dollar of non-oil export proceeds sold to third parties through the official foreign exchange market also known as the Investors and Exporter (I&E) window of the foreign exchange market.
The rebate is part of the benefits under the non-oil export proceeds repatriation rebate scheme unveiled by the Central Bank of Nigeria (CBN) on Friday.
The scheme is part of the RT200 FX programme recently introduced by the apex bank aimed at attracting $200 billion in foreign exchange earning from non-oil exports proceeds over the next three to five years.
Announcing details of the scheme in a circular titled, CBN said the objectives of the scheme are to enhance foreign exchange inflow; diversify the sources of forex inflow; increase the level of contribution of non-oil exports; and ensure the stability and sustainability of forex inflows.
“The scheme shall pay N65 for every US$1 repatriated and sold at the I & E Window to Authorised Dealers and Banks (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.
“Payment of the incentive shall be made on quarterly basis. The accounts of exporters that qualify for rebates shall be credited latest one week after the end of the quarter,” CBN said.
The apex bank said only exporters of finished and semi-finished goods are eligible for this incentive.
“Exporters shall qualify for the rebates only, where repatriated export proceeds are sold at the Investors & Exporters Window (1&E). Eligible transactions that qualify for incentives under the scheme shall be export of finished and semi-finished goods wholly or partly processed or manufactured in Nigeria, except otherwise stated by the CBN; and export of goods and services (IT and creative businesses) that are permissible and excluded under existing export prohibition list,” CBN stated.