The Central Bank of Nigeria (CBN) has issued a circular on the guidelines for RT200 Non-Oil Export Proceeds Repatriation Rebate scheme.
The RT200 FX Programme is an initiative of the Central Bank of Nigeria 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.
See key highlights below for more information:
Eligible Beneficiaries:
- Exporters of finished and semi-finished goods
- Exporters that sold repatriated export proceeds at the Investors’ and Exporters (I & E) window.
Eligible Export Products
- Finished and semi-finished goods wholly manufactured or produced in Nigeria
- Goods and services (IT and Creative businesses) that are permissible for export in Nigeria.
Incentives and Time of Payment
- =N=65 for every $1 repatriated and sold at the I and E window to Banks for third party use.
- =N=35 for every $1 repatriated and sold at the I and E window for own use on eligible transactions
- Payment of the incentives will be on quarterly basis and shall be credited to the account of eligible exporters latest one week after the end of the quarter.
Documents Required for Payment of Incentives
- Written request from the exporter
- Completed application form that will be designed and shared by CBN
- Export documentation as stipulated in the CBN FX Manual
- Evidence of repatriation and sale of export proceeds at the I and E window.
—
©Copyright 2022 News Band
(If you will like to receive CURRENT NEWS updates from News Band on WhatsApp, join here; for Telegram, join here. If the group is full, send WhatsApp/Telegram message to +234 905 038 2526)
