FX repatriation: CBN releases N3.5bn incentive to 150 exporters

The Central Bank of Nigeria (CBN) has released N3.5 billion rebate incentive to various exporters who sold goods through the Importers and Exporters Window.

The CBN Governor, Mr. Godwin Emefiele, made the announcement at the Bankers’ Committee’s 30th meeting on Thursday.

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

Speaking virtually on the outcome, the Managing Director of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe, said that the initiative was in fulfilment of Emefiele’s promise on the policy of the “Race to $200 billion in FX repatriation”.

“At the 30th meeting of the Bankers Committee earlier today, the Central Bank Governor announced the immediate release of rebate, totalling N3.5 billion incentives to our various exporters in fulfilment of his promise on the policy of the Race to $200 billion from non-oil export, to boost the foreign exchange inflows into the country.

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“The initiative is to encourage value addition to export products of Nigeria, specifically the policy spoken to value addition in place of immediate which is, semi-finished products, intermediate, which is semi-finished products and completely finished products.

“You would recall that the CBN Governor announced rebate of N65 for every dollar of export proceeds sold to another end user while the proceeds from export utilised by the exporter will attract a rebate of N35,” she said.

According to her, there are 150 customers at various levels who will be benefitting from the money.

She said, “Some under the finished goods and some under the semi-finished goods that have qualified for the rebate. The money is going to be paid quarterly and it’s for the first quarter.”

Onyeali-Ikpe also said that the governor pronounced a long-term finance scheme of single digit for state governments as incentives to set up export processing zones and terminals.

She added: “This rebate we’ve just announced will be paid quarterly to exporters who qualify. The incentives to the government will be at single digit and there will be long term financing.”

She said that the only state government that had concluded its port was Plateau, saying that all the others are at different levels of engagements.

She also said that since the launch of the new policy, the country had received $60 million in foreign exchange

The Star