CBN releases N3.5bn rebate to 150 exporters under RT 200 FX Scheme

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has directed the immediate release of N3.5 billion as rebate to 150 exporters that participated in the Race To $200 billion (RT200 FX) scheme.

The Bankers’ Committee meeting announced this on Thursday in Abuja as one of the outcomes of its deliberations.

The CBN had in February disclosed that it will pay exporters N65 for every $1 sold into the economy through the Investors & Exporters (I & E) window and N35 for every $1 repatriated and sold into I & E for individual use.

It unveiled this in a guideline for the newly introduced RT 200 FX programme.

The Managing Director of Fidelity Bank, Nneka Onyeali-Okpe, while peaking during a virtual press conference after the Committee’s meeting, said that the rebate to the exporters will be paid quarterly.

According to her, “The CBN Governor during the meeting announced the immediate release of N3.5 billion incentive to various exporters under the RT200 FX programme.

“This rebate we just announced will be paid quarterly to exporters who qualify. All this is to ensure that we boost the foreign exchange that goes into the country.”

Responding to questions by the journalists, the Managing Fidelity Bank disclosed that 150 exporters would benefit from the rebate this quarter, and added that through the programme $60 million has been injected into the economy since February when the scheme was launched.

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“According to data from the CBN, $60 million has come into the country since the programme commenced in February. For the number of beneficiaries of N3.5 billion, there are 150 customers at various levels and some under the finished goods and some under the semi finished goods,” she further stated.

Onyeali-Okpe explained that only Plateau State has concluded plans to establish non-oil exports terminal in line with the CBN’s plan to reduce the challenges of exporters at the ports.

She said: “Only Plateau State government that has concluded plans to establish such ports. All other state governments are at different levels of engagement. This project is only one month old and getting an export processing zone running is not very easy, so we expect that will take a little more time.”

In the same vein, the Managing Director of Guaranty Trust Bank, Mariam Olusanya, disclosed that e-naira wallet downloads have risen to 756,000 in six months.

She informed that “Since it was launched, we have seen 756,000 downloads of the app. In terms of consumer wallets we have seen 165,000 downloads and 2,800 merchant wallet downloads.”

Olusanya reiterated that members of the Committee and the apex bank woukd continue to push for the adoption of e-naira across the country.

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CBN releases N3.5bn rebate to 150 exporters under RT 200 FX Scheme

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CBN releases N3.5bn rebate to 150 exporters under RT 200 FX Scheme