The Central Bank of Nigeria (CBN), has published operating guidelines for RT200 Non-Oil Export Proceed Repatriation Rebate Scheme. The apex bank, in a circular published on its website said the move is an effort to reduce exposure to volatile sources of foreign exchange and to earn more stable and sustainable inflows of FX.
The guideline communicated in Circular No. TED/FEM/FPC/GEN/01J002 was issued on Friday, February 25, 2022 via the Director, Trade & Exchange Department.
The RT200 FX Programme is an initiative of the Central Bank of Nigeria (CBN) which aims to raise $200 billion in Foreign Exchange (FX) earnings from NON-Oil Proceeds over the next 3-5 years. It is anchored on a five-point agenda with a view to raising $200 billion in FX earnings in the next five years. A major anchor of the program is the Non-Oil Export proceeds repatriation Rebate Scheme.
The rebate scheme is designed to incentivize exporters in the non-Oil export sector to encourage repatriation and sale of export proceeds into the FX Market. It is borne out of the need to develop new strategies aimed at earning more stable and sustainable inflows of FX, in order to insulate the Nigerian economy from shocks and FX shortages.
It explained that the rebate scheme is designed to incentivize exporters in the non-oil export sector to encourage repatriation and sale of export proceeds into the foreign exchange market.
To qualify as beneficiary of the rebate, the apex bank said that only exporters of finished and semi-finished goods are eligible for the incentive. Exporters shall qualify for the rebates only where repatriated export proceeds are sold at the Investors’ & Exporters’ (I&E) Window.
Under eligible transactions, the circular said that export of finished and semi-finished goods wholly or partly processed or manufactured in Nigeria shall be recognized for the purpose, except otherwise stated by the CBN.
Read the full Operating Guidelines for RT200 Non-Oil Export Proceed Repatriation Rebate Scheme to which all Authorised Dealers are to ensure strict compliance.