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Thursday, March 30, 2023

Forex: CBN Commences Payment Of N65 Rebate To Exporters End Of First Quarter

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By Abdulwaheed Olayinka Adubi

The Central Bank of Nigeria (CBN) has announced it readiness to commence the 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.

This was made known by the CBN Governor, Godwin Emefiele, after signing the Term Sheet between the Infrastructure Corporation of Nigeria (InfraCorp) and the Independent Asset Managers, recently in Lagos.

Emefiele, while speaking 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 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 apex bank governor expressed the bank’s determination to ensure the success of the initiative, adding that the kind of numbers that the apex bank got from the banks showed the policy was working very well.

The initiative which is under the apex bank’s RT200 FX Programme which stands for the “Race to US$200 billion in FX Repatriation”, is a set of policies, plans and programmes for non-oil exports that will enable Nigeria attain a lofty yet attainable goal of US$200 billion in FX repatriation, exclusively from non-oil exports, over the next 3-5 years.

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