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CBN releases N3.5bn incentives for exporters under RT200FX programme

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The Central Bank of Nigeria (CBN) has released N3.5 billion rebate for exporters under its RT200FX programme as part of measure to boost foreign exchange inflows into the country.

The Managing Director, Fidelity Bank, Nneka Onyeali-Ikape who disclosed this virtually during the press briefing after the 361st Bankers Committee meeting said the RT200 forex programme rolled out in February is set to encourage value addition.

The programme has five key anchors such as Value-adding exports facility, Non-Oil commodities expansion facility, Non-oil FX rebate scheme, Dedicated non-oil export terminal and Biannual non-oil export summit.

She said that the fund released by CBN is for this quarter and it would be paid only to qualified exporters and on quarterly basis to increase forex inflow in the economy.

The apex bank had earlier announced that rebate of N65 to a dollar is for exporters that has finished goods while N35 to a dollar rebate is for exporters that have semi-finished goods.

Also, the Managing Director of Guaranty Trust Bank (GTBank) Miriam Olusanya while speaking on the nation’s e-Naira said the future of naira today is digital. According to her, CBN in realization of the benefits of e-Naira has moved to launch it while other countries are still at early stage. She explained that “Since the CBN launched e-Naira , we have recorded 756,000 download, 165,000 consumer wallets, and 2,800 merchant wallets, adding that e-Naira application downloaded is at no cost. Olusanya stressed the need for individuals to embrace digital transactions that has regulatory backing.

She said that e-Naira will support digital payment , instant settlement, stressing that it is much better when compared with other channels of payment.