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HomeEconomyCBN releases N3.5b for Non-Oil Export Rebates

CBN releases N3.5b for Non-Oil Export Rebates

The Central Bank of Nigeria (CBN) has released N3.5 billion as rebates for exporters of semi- and fully-processed non-oil commodities under the newly-created RT200 Non-oil Export Proceeds Repatriation Rebate Scheme.

At least 150 exporters will benefit from the rebate fund, which was approved at the Bankers’ Committee meeting concluded Thursday.

It can be recalled that the CBN Governor, Godwin Emefiele, recently unveiled the scheme, which is aimed at raising $200 billion from processed and semi-processed non-oil exports in the next three to five years.

According to the implantation guideline, exporters of eligible non-oil commodities will receive N65 for every $1 repatriated and sold at the Investors’ and Exporters’ (I &E) window for third-party use, while those who repatriate through the window for their use will be paid N35 per dollar as a rebate.

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