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  • Business - Economy
  • Updated: March 02, 2022

CBN RT200: Understanding The Basics

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Okojie Kelvin Echiejile
Okojie Kelvin Echiejile

I am an astute, dedicated, devoted, and intelligent investigator of economic, and financial news and...

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The RT200 non-oil export earnings repatriation rebate plan is a CBN initiative to generate $200 billion from non-oil export over the next 3 to 5 years.

It has a five-point plan to raise $200 billion in FX earnings over the next five years.

The scheme's goals are:

• Increase foreign exchange (FX) inflows.

• Diversify FX inflows (i.e. non-oil export).

• Ensure steady FX inflow.

• Helping exporters expand their export operations and capacities.

Criteria:

• Exporters of completed or semi-finished goods made in Nigeria.

• Goods and service exporters (IT and creative businesses).

Incentives:

• N65 for every $1.00 repatriated and sold to other parties.

• $1.00 repatriated and sold in the I & E exchange window = N35.

Requirements:

• CAC and Nigeria Export Promotion Council registration (NEPC).

• Finishing e-Form NXP.

• Export revenues sold through the I&E window

Impact

• This program will address the supply side of scarce US dollars by encouraging exporters to expand their businesses.

• The reliance on crude oil as the main source of FX inflows will be decreased by 12-20%.

• Non-oil industries would be encouraged to flourish and attract exchange.

This will help the company satisfy international standards, notably for the US and European markets.

• This scheme may help stabilize the parallel market as demand for foreign exchange transfers to ADBs (ADBs).

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Okojie Kelvin Echiejile
Okojie Kelvin Echiejile

I am an astute, dedicated, devoted, and intelligent investigator of economic, and financial news and...

More From this Author

Central Bank of Nigeria EXCHANGE RATE

Currencies Buy Rate Sell Rates
GBP - NGN 547.98 549.30
USD - NGN 415.23 416.23
EUR - NGN 457.42 458.52
More Exchange Rate

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