FX Repatriation: CBN To Begin Payment Of N65 Rebate To Exporters

The Central Bank of Nigeria of Nigeria (CBN) said it would begin payment of N65 rebate to exporters who sold their goods through the importers and exporters (I&E) window at the end of the first quarter.

CBN Governor, Godwin Emefiele, said this shortly after signing the Term Sheet between the Infrastructure Corporation of Nigeria (InfraCorp) and the Independent Asset Managers, on Friday in Lagos.

The apex bank had in February announced policies, plans and programmes for non-oil exports that would enable Nigeria to earn 200 billion dollars in foreign exchange repatriation.

The RT200 FX Programme, which stands for the “Race to 200 billion dollars in FX Repatriation, is a set of policies for non-oil exports to enable Nigeria to attain the goal of 200 billion dollars in FX repatriation.”

Emefiele said, “You will recall that we effectively started in March but I have said that by the latest, after the end of the quarter, we will issue cheques.

“We will make payments to all those who have exported their proceeds have come in and they sold them through the  I &E window to import goods and services into the country.

“So, the first set of payments for the rebate will be done by next week and we are actually making it public so that Nigerians can know.

“And so that they can also encourage other exporters to say that the era when you export and your rebate never comes in five years, that that era is gone."

The CBN governor expressed the bank’s determination to ensure the success of the initiative.

He added that the kind of numbers that the apex bank got from the banks showed the policy was working very well.