Business
CBN Gives Exporters Of Non-Oil Products N65/$ Rebate
The Central Bank of Nigeria (CBN) has offered to exporters a rebate of N65 for every US Dollar for non-oil export proceed sold to third parties through the Investors and Exporters (I&E) window.
CBN, which stated this in a circular at the weekend, said the rebate forms part of the benefits under the Non-Oil Exports Proceed Repatriation Rebate Scheme.
In the circular titled, “Operating Guidelines for RT200 Non-Oil Exports Proceed Repatriation Rebate Scheme”, the CBN stressed that the scheme is part of the RT200 FX programme it recently introduced, aimed at attracting $200 billion in foreign exchange earning from non oil exports proceeds over the next three to five years.
“The scheme”, the apex bank said, “shall pay N65 for every US$1 repatriated and sold at the I & E Window to Authorised Dealers and Banks (ADBs) for other third party use, and N35 for every US$1 repatriated and sold into I&E for own use on eligible transactions only”.