CBN: We’ve paid over N3.5bn as rebates to eligible non-oil exporters

The Central Bank of Nigeria (CBN) says it has paid over N3.5 billion as rebates to eligible non-oil exporters.

Godwin Emefiele, CBN governor, said this during the maiden summit on non-oil exports under the race to $200 billion in FX repatriation (RT200) programme, held in Lagos on Thursday.

CBN had, in February, disclosed plans to pay a rebate of N65 to exporters for every $1 of goods sold to third parties through the investors and exporters (I&E) window.

The N65 bonus is a benefit under the RT 200 non-oil export proceeds repatriation rebate scheme.

“We have recorded a significant increase in non-oil export repatriation, and have paid eligible exporters over N3.5 billion in rebates,” Emefiele said.

“The scheme was designed to incentivize exporters in the non-oil export sector to repatriate and sell their export proceeds in the local foreign exchange market and earn a rebate.”

Emefiele said the monetary policy alone cannot bear all the burden of the expected adjustments needed to manage FX demands.

He called for the design and steadfast implementation of other supportive, structural, and complementary policies that are broad-based, coordinated, and focused on complementing the work of the monetary authority.

“This is the time for all of us to work together to reposition Nigeria on a growth trajectory by making diversification of the economy a serious business,” he added.