CBN approves N20bn foreign exchange repatriation discount for exporters – The Whistler Newspaper

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The Central Bank of Nigeria has approved the sum of 20 billion naira as a remittance to exporters for the repatriation of currencies under the Race to $200bn Forex program.

CBN Governor Mr Godwin Emefiele said the approval was made by the apex bank on Tuesday morning.

He said that with the approval, the apex bank will soon start disbursing the rebate to exporters who have repatriated currency to the country.

The program was unveiled by the CBN to achieve cumulative non-oil exports of $200 billion of goods in five years.

The program includes a non-oil export proceeds repatriation rebate program, which incentivizes non-oil sector exporters to repatriate and sell export proceeds on the official foreign exchange market.

Under this scheme, the CBN pays a rebate of 65 naira for every dollar repatriated and sold in the Investors and Exporters (I&E) window to licensed concession banks for use by third parties.

The CBN also pays a rebate of N35 for every dollar repatriated and sold to I&E for its own use for eligible transactions only, provided the difference does not exceed 10 kobo.

The apex bank has also stipulated that payment of the incentives will be quarterly, with eligible exporters being credited within a week of the end of the quarter.

Speaking on the performance of the Race to $200bn in FX Repatriation program and the “100 for 100” initiative, Emefiele said that both had recorded gains in increasing foreign currency inflows into the country.

He said, “We are making progress with these initiatives. We are making progress on 100 percent. I think we have disbursed just over 50 billion naira for 100 percent which is meant to really support those who want to produce goods that can be exported out of the country to earn income in dollars.

“Indeed, we are delighted that the RT200 is performing well. We discovered that we received inflows in June of this year of over $2.9 billion. You all know that in the first quarter of 2022, we disbursed 3.6 billion naira in the form of rebates for those who conducted export business.

“So, for the second quarter of 2022, we have just this morning approved the release and payment of rebates to those who conducted the export business to the tune of N20 billion.

“It’s because we found out that, yes, there were a lot of exports, but those exports that were deemed eligible for rebates were over $600 million and that’s why we’re paying just over 20 billion naira for Q2 We are very happy and excited that many more people are embracing exporting in Nigeria.

“We had hinted that at some point we would get to the point where banks won’t even need to come to the CBN to buy currencies to meet the important needs of their customers. We are excited to move gradually in this direction and I am optimistic that these numbers will improve by the end of the year. »

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