About two weeks after the Central Bank of Nigeria (CBN) launched the RT200 scheme, the apex bank has issued guidelines detailing the operation of the scheme, which includes the payment of N65 for every $1 repatriated and sold at the Investor and Export (I&E) Window.
This was disclosed in a recently released circular titled, “OPERATING GUIDELINES FOR RT200 NON-OIL EXPORT PROCEEDS REPATRIATION REBATE SCHEME.” The RT200 is part of CBN’s rebate programmes designed to tackle insufficient dollar liquidity in Nigeria.
Last year, the CBN introduced the Naira 4 Dollar Scheme in a bid to encourage diaspora remittance, boosting Nigeria’s forex inflow. The Naira 4 Dollar scheme means Nigerians get N5 for every dollar remitted through regulated financial institutions.
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In the same vein, the CBN’s objective with the RT200 Programme is to raise $200 billion in Foreign Exchange (FX) earnings from non-oil proceeds over the next 3-5years.
The RT200 rebate scheme focuses on the non-oil sector as the N65 for a dollar incentive is designed to encourage exporters in the sector to repatriate export earnings using the Import & Export window.
Highlights of the Guidelines
The CBN said its (Trade & Exchange Department) will be responsible for the day-to-day administration of the RT200 rebate Scheme. This rebate for dollars brought into the country only applies to exporters of finished and semi-finished goods.
According to the guideline, only exporters that repatriated export proceeds and sell it at the Investors & Exporters Window will qualify for the scheme. But the exporter must successfully have completed the e-Form NXP, Registration with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC) to be eligible for the rebate.
However, in order curb sharp practices, the central bank warned bank that “any attempt to circumvent the intent of the Scheme shall result in the suspension of the FOREX dealership licence of the ADB for 24months.”
It also stated that any exporter that presents fraudulent document(s) or tries to undermine this Scheme shall be banned from accessing the incentive for 24 months and all accounts shall be placed on PN for the same period.
To encourage exporters who use the I&E window, the CBN stated that the scheme shall pay “N65 for every US$1 repatriated and sold at the I&E Window to ADBs for other thirty party use, and N35 for every US$1 repatriated and sold into I&E for own use on eligible transactions only. However, the spread should not be more than 10 Kobo.” In addition, the payment of the incentive shall be made on quarterly basis.
“The accounts of exporters that qualify for rebates shall be credited latest one week after the end of the quarter,” the CBN said.