CBN directs disbursement of N3.5 trillion rebate to exporters

Oru Leonard

The Managing Director of Fidelity Bank, Nneka Onyeali-Okpe, has disclosed that the Central Bank of Nigeria (CBN), has asked for the immediate release of N3.5 billion rebate to 150 exporters who participated in the Race To $200 billion initiative.

Onyeali-Okpe made the disclosure during a virtual press briefing on Thursday at the end of the bankers’ committee’s meeting.

In February, the apex bank launched the Race To $200 billion initiative with an incentive for exporters to enjoy a rebate of N65 for every dollar of non-oil export proceeds sold to third parties at the importer and exporter window.

The CBN governor, Godwin Emefiele, had said the initiative is geared towards enabling Nigeria to earn $200 billion in foreign exchange repatriation from non-oil exports.

“The CBN Governor during the meeting announced the immediate release of N3.5 billion incentive to various exporters under the RT200bn programme,” Onyeali-Okpe said.

“The rebate will be paid quarterly to exporters who qualify. For the number of beneficiaries of N3.5 billion, there are 150 customers at various levels.”

Citing CBN data, she added that about $60 million had been injected into the economy through the initiative.

Speaking on CBN’s plans to create export terminals (an aspect of the RT200 scheme), Onyeali-Okpe explained that only Plateau state has concluded plans to establish non-oil exports terminal in line with the CBN’s plan to reduce the challenges of exporters at the ports.

(Energy Frontier)

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