The Central Bank of Nigeria (CBN) stated this in a circular released on Friday on the guidelines for the implementation of the RT200 (Race to US$200 billion in FX Repatriation) Non-oil Export Rebate Scheme, signed by O.S. Nnaji, director of trade & exchange department.
According to the release, the scheme is part of the RT200 FX programme recently introduced by the apex regulator aimed at attracting $200 billion in foreign exchange earning from non-oil exports proceeds over the next three to five years.
The CBN said the objectives of the scheme are to enhance foreign exchange inflow; diversify the sources of forex inflow; increase the level of contribution of non-oil exports; and ensure the stability and sustainability of forex inflows.
“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”, the bank said.
The apex bank noted that “payment of the incentive shall be made on a quarterly basis. The accounts of exporters that qualify for rebates shall be credited latest one week after the end of the quarter”
To ensure the success of this Scheme, the CBN stated that “Banks are therefore expected to show full understanding about both the real and perceived objectives of this Circular as any attempts to circumvent the intent of the Scheme shall result in the suspension of the FOREX dealership licence of the ADB for 24months.”
On the eligibility for the rebate, CBN revealed that “Only exporters of finished and semi-finished goods are eligible for this incentive. Exporters shall qualify for the rebates only, where repatriated export proceeds are sold at the Investors’ & Exporters’ Window”
The CBN warned: “Any Exporter that presents fraudulent document(s) or tries to undermine this Scheme shall be banned from accessing the incentive for 24 months and all accounts shall be placed on PND for the same period.