Central Bank of Nigeria CBN has issued operating guidelines for the implementation of the RT200 Non- oil Export Rebate scheme.
The RT200programme was introduced to reduce exposure to volatile sources of foreign exchange and to earn more stable and sustainable inflows of forex.
The apex bank said that the scheme was designed specifically to enhanced forex inflow, diversify the sources of forex inflow, to increase the level of contribution of non oil exports, ensure stability and sustainability of forex inflows and support export -oriented companies to expand their export operations and capabilities.
Highlighting some of the features of the schemes, the apex bank said the programme shall pay N65 for every $1 repatriated and sold at the I&E window for ADBs for other third party use. The programme according the CBN will also pay N35 for every $1 repatriated and sold into I&E for own use on eligible Transactions only.
The CBN explained that the payment of the incentive shall be made on quarterly basis while the account of the exporter that qualify for the rebates shall be credited at least one week after the end of the quarter.
According to the guidelines, only exporters of finished and semi finished goods are eligible for the incentives.
The guidelines further said that Transactions that qualify for incentives under the scheme shall be export of good and services such IT and creative Business that are permissible and excluded under existing export prohibition list, adding that export of finished and semi finished goods wholly or partly processed or manufacturer in Nigeria shall also qualified .
