Exporters who participated in the Race to $200 billion scheme (RT200 FX Programme) are to receive N3.5 billion in rebates.
The Managing Director of Fidelity Bank, Nneka Onyeali-Okpe, has disclosed that the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has ordered immediate payment of the rebates to 150 participating exporters.
She made this disclosure while speaking in a virtual press conference after the committee’s meeting.
According to her, “The CBN Governor during the meeting announced the immediate release of N3.5 billion incentive to various exporters under the RT200 billion 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.”
Nneka Onyeali-Okpe further said that the program has injected $60 million into the economy since its inception in February.
“According to data from the CBN, $60 million has come into the country since the programme commenced in February.
“For the number of beneficiaries of N3.5 billion, there are 150 customers at various levels and some under the finished goods and some under the semi-finished goods,” said the managing director.
In February, the CBN unveiled a programme called Race to $200 billion scheme (RT200 FX Programme) to inject $200 billion in Foreign Exchange (FX) earnings from non-oil proceeds over the next 3-5years into the Nigerian economy.
Under this programme the apex bank will pay exporters N65 for every dollar sold into the economy through the Investors & Exporters window, and N35 for every dollar repatriated and sold into I&E for personal use as incentive.
This initiative is coming on the heels of the success of a similar programme, the Naira 4 Dollar Scheme.
Nneka Onyeali-Okpe has disclosed that so far the program has brought in $60 million into the Nigerian economy since its inception to date.
Points to note about the RT200 FX scheme
- The day-to-day administration of the Scheme is handled by the Trade & Exchange Department of the CBN.
- Only repatriated export proceeds that are sold at the Investors & Exporters Window will be eligible for the scheme.
- Only exporters of finished and semi-finished goods are qualified for payment of rebate
- To qualify for the incentive, an exporter must have successfully completed the e-Form NXP, registration with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC)
- Exporters that present fraudulent document(s) or commits any other infraction to undermine the Scheme shall be banned from accessing the incentive for 24 months and all accounts shall be placed on PN for the same period.