The Central Bank of Nigeria has said it will pay exporters N65 for every $1 sold into the economy through the Investors &Exporters window.
The CBN made this known in a guideline on its newly introduced Race To $200bn scheme, titled, “Operating Guidelines for RT200 Non-Oil Export Repatriation Rebate Scheme.”
The CBN Governor, Godwin Emefiele, had on February 10, launched the RT200 programme at the post-Bankers’ Committee briefing held in Abuja.
The RT200 programme is designed to help ease the inadequacy of forex supply and the constant pressure on the exchange rate, Emefiele had declared.
The monetary authority believes that the RT 200 will help the country raise $200bn in forex earnings from non-oil proceeds over the next 3-5 years.
The FX programme is anchored on five key agendas which include: value-adding exports facility; non-oil commodities expansion facility; non-oil FX rebate scheme; dedicated non-oil export terminal and bi-annual non-oil export summit.
On payment incentive, the guideline which was released on Sunday read, “The Scheme shall pay, N65 for every US$1 repatriated and sold at the I & E Window to ADBs for other thirty party use, and N35 for every US$1 repatriated and sold into I&E for own use on eligible transactions only.
“However, the spread should not be more than 10 Kobo.”
It added that payment of the incentive will be made on a quarterly basis.
On sanctions and penalties, the apex bank noted that any exporter that presents fraudulent documents or tries to undermine the scheme will not only be banned from accessing the incentive but also have all their bank accounts blocked for two years.