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.
• Exporters of completed or semi-finished goods made in Nigeria.
• Goods and service exporters (IT and creative businesses).
• N65 for every $1.00 repatriated and sold to other parties.
• $1.00 repatriated and sold in the I & E exchange window = N35.
• CAC and Nigeria Export Promotion Council registration (NEPC).
• Finishing e-Form NXP.
• Export revenues sold through the I&E window
• 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).
|Currencies||Buy Rate||Sell Rates|
|GBP - NGN||547.98||549.30|
|USD - NGN||415.23||416.23|
|EUR - NGN||457.42||458.52|