Friday, March 04, 2022

CBN's guidelines on RT200 to boost local production - ITREALMS

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The Central Bank of Nigeria (CBN) recently released operating guidelines on rebate for the qualifying non-oil exports under the RT200 Foreign Exchange programme would boost the local production capacity, reports ITREALMS.
This was the position of the First Bank Nigeria plc in a public statement available to its customers saying RT200 would also aid the sustainability efforts to increase local production for qualifying Non-Oil exporters.

According to the bank, the primary purpose of the rebate scheme is to incentivize exporters in the Non-Oil export sector, to encourage repatriation, sale of export proceeds into the FX market, to drive stable and sustainable FX flows into the Nigerian economy.

The bank also noted that eligible participants for this scheme include exporters of finished and semi-finished goods wholly or partly produced or manufactured in Nigeria.

In addition, First Bank said beneficiaries comprises exporters of goods and services (IT and Creative Businesses) that are permissible and excluded under the existing export prohibition list.

Under the latest guidelines, ITREALMS gathered that scheme shall pay N65 for every USD1 repatriated and sold at the Investor & Exporters (I&E) Window to Authorized Dealer Banks (ADBs) for other parties to use.

Just as N35 for every USD1 repatriated and sold to I&E for own use on eligible transactions only, even as the spread should not be more than 10 kobo

ITREALMS further gathered that to qualify for this, exporters must have registered with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC), complete the e-Form NXP and show evidence of repatriation and sale of export proceeds at the I&E Window.

Remmy Nweke/DoP

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