The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Thursday ordered the immediate release of N3.5bn as a rebate to 150 exporters who participated in the Race To $200bn scheme.
The CBN had disclosed that it would pay exporters N65 for every $1 sold into the economy through the Investors & Exporters window and N35 for every $1 repatriated and sold into I&E for individual use.
It disclosed this in a guideline for the newly introduced RT 200 program.
Speaking during a virtual press conference after the committee’s meeting, the Managing Director, Fidelity Bank, Nneka Onyeali-okpe, said the rebate to the exporters would be paid quarterly.
She said, “The CBN governor during the meeting announced the immediate release of N3.5bn incentive to various exporters under the RT200bn programme.
“This rebate we just announced will be paid quarterly to exporters who qualify. All this is to ensure that we boost the foreign exchange that goes into the country.”
Responding to questions by the journalists, the MD Fidelity Bank disclosed that 150 exporters were going to benefit from the rebate this quarter. She also said that through the program, $60m had been injected into the economy since February, when the scheme was launched.
“According to data from the CBN, $60m has come into the country since the program commenced in February.
“For the number of beneficiaries of N3.5bn, there are 150 customers at various levels and some under the finished goods and some under the semi-finished goods.”
The MD added that only Plateau State had concluded plans to establish a non-oil exports terminal in line with the CBN’s plan to reduce the challenges of exporters at the ports.
“This project is only one month old and getting an export processing zone running is not very easy, so we expect that will take a little more time.”
