• Latest News

    Friday, April 15, 2022

    Emefiele Orders Release of N3.5bn Rebate to Exporters

    The Central Bank of Nigeria of Nigeria, CBN, Thursday released N3.5 billion to 150 exporters as foreign exchange, FX, rebate under the Race To $200 billion (RT 200) programme.

    The programme is aimed at raising $200 billion FX earnings through non-oil proceeds over the next three to five years.

    The programme includes a Non-Oil Exports Proceeds Repatriation Rebate Scheme, which incentivises exporters in the non oil sector to repatriate and sell export proceeds in the official FX market. Under the scheme, CBN pays rebate of N65 for every dollar repatriated and sold in the Investors & Exporters (I&E) window to authorised dealer banks for third party use. The CBN also pays rebate of N35 for every dollar repatriated and sold into I&E for own use for eligible transactions only, provided the spread is not more than 10 kobo.

    The apex bank also stipulated that payment of the incentives shall be quarterly with exporters that qualify credited within one week after the end of the quarter.

    Speaking on the performance of the RT 200 programme in the first quarter, Q1 ’22, Managing Director/Chief Executive, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, disclosed that 150 exporters repatriated $60 million as export proceeds and qualified for N3.5 billion rebate under the programme.

    She disclosed that the CBN Governor, Mr. Gowin Emefiele, yesterday ordered the release of the rebate to the exporters through their respective banks.

    Onyeali-Ikpe spoke at a virtual press briefing at the end of the Bankers Committee meeting held yesterday. The briefing was also addressed by the Managing Director/Chief Executive of GTBank Limited, Miriam Olusanya; MD/CEO Sterling Bank Plc, Abubakar Suleiman; MD/CEO, Wema Bank Plc, Ademola Adebise; Director, Banking Supervision, CBN, Haruna Mustafa; and Director, Corporate Communication, CBN, Osita Nwanisobi.

    The Fidelity Bank MD said: “There are 150 customers at various levels, some under the finished goods categories and some under the semi-finished goods categories. The money was only released today for this quarter. It is going to be paid quarterly and N3.5 billion will be paid to the 150 customers that I mentioned earlier on.”

    On her part, Olusanya of GTBank spoke on the performance of the e-Naira, the digital currency introduced by CBN last year, adding that the e-naira has so far achieved consumer wallets of 165,000 and merchant wallets of 2,800 with 756,000 app downloads.

    She stated: “As we all know, the future of currency is digital and the CBN has also realised this fact and has proactively pioneered the central bank digital currency, CBDC, in Africa. Other countries, most of them are still in the research and development stage while two of them are in the pilot phase. So we pioneered this in October last year which was six months ago and since this was done we have seen over 756,000 downloads of the app.

    “In terms of consumer wallet, we have seen 165,000 consumer wallets and 2,800 merchant wallets. Moving onto phase 2, the plan is to onboard the unbanked using the USSD platform. So this will be able to aid financial inclusion.”

    • Blogger Comments
    • Facebook Comments


    Item Reviewed: Emefiele Orders Release of N3.5bn Rebate to Exporters Rating: 5 Reviewed By: BrandIconImage
    Scroll to Top