The Central Bank of Nigeria (CBN) has said it will begin the payment of N65 forex rebate to exporters who sold their goods through the importers and exporters (I&E) window at the end of the first quarter.
Godwin Emefiele, CBN governor, said this after signing the term sheet between the Infrastructure Corporation of Nigeria (InfraCorp) and the independent asset managers on Friday in Lagos.
The CBN in February said exporters would enjoy a rebate of N65 for every dollar of non-oil export proceeds sold to third parties at the I&E window.
This was during the announcement of policies, and plans, tagged ‘RT200 FX Programme’, to enable Nigeria earn $200 billion in foreign exchange repatriation from non-oil exports.
According to the CBN, RT200 FX Programme stands for the Race to $200 billion in FX Repatriation.
“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,” Emefiele said.
“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 payment 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 also expressed the bank’s determination to ensure the success of the initiative.
He noted that the kind of numbers that the apex bank got from the banks showed the policy was working well.