Exporters Enjoys N3.5 billion CBN Rebate On Fx Import

….Based On Policy To Boost Fx Inflow In Domestic Economy

Determine to deepen Foreign exchange inflow into the domestic economy, the Central Bank of Nigeria (CBN) has ordered the release of N3.5 billion rebate to exporters who have brought in Fx into the economy.

The Managing Director of Fidelity Bank Mrs. Nneka Onyeali-Ikpe made this known to financial journalist diring a virtual briefing at the end of the Bankers’ Committee meeting on Thursday.

She stated: “The CBN Governor has ordered the immediate release of rebate totalling N3.5 billion incentive to our various exporters in fulfilment of his promise to raise $200 billion from non-oil export to boost the foreign exchange inflows into the county”.

Onyeali-Ikpe also disclosed “$60 million have come in according to the CBN, 150 exporters will benefit at various levels, some under the finished goods, some under the semi-finished goods that qualify for the rebate”.

According to her: “The initiative is to encourage value addition, to the export products of Nigeria specifically, to immediate and intermediate which are semi-finished products and completely finished products”.

The Central Bank of Nigeria (CBN) recently introduced the “Race to US$ 200 Billion in FX Repatriation (RT200 FX)” Programme. It is designed to improve the inflow of stable and sustainable foreign exchange into the market. This programme aims to raise USD200 billion in Foreign Exchange earnings over the next 3-5 years from non-oil proceeds.

Other banks chief executive officer that were present includes, Ademola Adebise of Managing Director of Wema Bank Plc, Chief Executive officer of Sterling Bank Plc, Sulaiman Abubakar