For non-oil export proceed sold to third parties through Investors and Exporters (I&E) window, exporters will get a rebate of N65 for every US Dollar, according to the Central Bank of Nigeria (CBN).
The apex bank, which stated this in a circular on Friday, said that the rebate forms part of the benefits under the Non-Oil Exports Proceed Repatriation Rebate Scheme.
In the circular titled, ‘Operating Guidelines for RT200 Non Oil Exports Proceed Repatriation Rebate Scheme,’ the apex bank stressed that the scheme is part of the RT200 FX programme recently introduced by it aimed at attracting $200 billion in foreign exchange earning from non oil exports proceeds over the next three to five years.
“The scheme shall pay N65 for every US$1 repatriated and sold at the I & E Window to Authorised Dealers and Banks (ADBs) for other third party use, and N35 for every US$1 repatriated and sold into I&E for own use on eligible transactions only.
“However, the spread should not be more than 10 Kobo
“Payment of the incentive shall be made on quarterly basis. The accounts of exporters that qualify for rebates shall be credited latest one week after the end of the quarter,” CBN said.
Stating that only exporters of finished and semi-finished goods are eligible for this incentive, it added that exporters shall qualify for the rebates only where repatriated export proceeds are sold at the Investors’ & Exporters’ Window (I&E).
Eligible transactions that qualify for incentives under the scheme, it pointed out, shall be export of finished and semi-finished goods wholly or partly processed or manufactured in Nigeria, except otherwise stated by the CBN
To the banking sector regulator, “export of goods and services (I.T and creative businesses) that are permissible and excluded under existing export prohibition list; completion of e-Form NXP; Registration with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC); sale of repatriated export proceeds at the I & E Window; Notwithstanding when the export process was initiated, the exporter will qualify for the rebate provided the exporter meets.”