Business

FX repatriation: CBN releases N3.5bn incentive to 150 exporters

The Central Bank of Nigeria (CBN) has released N3.5 billion rebate incentive to various exporters who sold goods through the Importers and Exporters Window.

The CBN Governor, Mr. Godwin Emefiele, made the announcement at the Bankers’ Committee’s 30th meeting on Thursday.

The apex bank had in February announced policies, plans and programmes for non-oil exports that would enable Nigeria earn $200 billion in foreign exchange repatriation.

Speaking virtually on the outcome, the Managing Director of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe, said that the initiative was in fulfilment of Emefiele’s promise on the policy of the “Race to $200 billion in FX repatriation”.

“At the 30th meeting of the Bankers Committee earlier today, the Central Bank Governor announced the immediate release of rebate, totalling N3.5 billion incentives to our various exporters in fulfilment of his promise on the policy of the Race to $200 billion from non-oil export, to boost the foreign exchange inflows into the country.

Elon Musk tables $43bn offer for Twitter

“The initiative is to encourage value addition to export products of Nigeria, specifically the policy spoken to value addition in place of immediate which is, semi-finished products, intermediate, which is semi-finished products and completely finished products.

“You would recall that the CBN Governor announced rebate of N65 for every dollar of export proceeds sold to another end user while the proceeds from export utilised by the exporter will attract a rebate of N35,” she said.

According to her, there are 150 customers at various levels who will be benefitting from the money.

She said, “Some under the finished goods and some under the semi-finished goods that have qualified for the rebate. The money is going to be paid quarterly and it’s for the first quarter.”

Onyeali-Ikpe also said that the governor pronounced a long-term finance scheme of single digit for state governments as incentives to set up export processing zones and terminals.

She added: “This rebate we’ve just announced will be paid quarterly to exporters who qualify. The incentives to the government will be at single digit and there will be long term financing.”

She said that the only state government that had concluded its port was Plateau, saying that all the others are at different levels of engagements.

She also said that since the launch of the new policy, the country had received $60 million in foreign exchange

The Star

Editor

Recent Posts

Wike appoints ex-Fayose’s spokesman, Lere Olayinka, as SSA

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has appointed Lere Olayinka as…

7 hours ago

Burna Boy, Wizkid, Davido, Tems, Asake nominated for Grammy Awards

Nigerian singers - Burna Boy, Wizkid, Tems, Yemi Alade, Asake, and Davido - have been…

7 hours ago

NSIB recovers black box of crashed helicopter in Rivers

The Nigerian Safety Investigation Bureau (NSIB) has recovered the Flight Data Recorder (FDR) and Cockpit…

8 hours ago

N10m extortion: IGP vows punishment for corrupt police officers

The Inspector-General of Police (IGP), Kayode Egbetokun, has condemned alleged extortions by some police officers…

13 hours ago

Kaduna govt earmarks N93bn to boost water supply

The Kaduna State Government has announced plans to spend N93 billion over four years for…

16 hours ago

Trump picks campaign manager as White House chief of staff

United States President-elect Donald Trump, on Thursday, November 7, 2024, announced that one of his…

16 hours ago

This website uses cookies.