Sunday, February 27, 2022 / 08:37 AM / A CBN Circular / Header Image Credit: The Citizen

In an effort to reduce exposure to volatile sources of foreign exchange and to earn more stable and sustainable inflows of FX, the Central Bank of Nigeria introduced the RT200 FX Programme.

Further to this, the CBN on Friday, February 25, 2022 via the Director, Trade & Exchange Department's Circular No. TED/FEM/FPC/GEN/01J002, issued the guidelines for the immediate implementation of the RT20O Non-Oil Export Rebate Scheme.

Kindly find below the Operating Guidelines for RT200 Non-Oil Export Proceed Repatriation Rebate Scheme to which all Authorised Dealers are to ensure strict compliance.

1.0. Introduction

The RT200 FX Programme is an initiative of the Central Bank of Nigeria (CBN) which aims to raise $200 billion in Foreign Exchange (FX) earnings from Non-Oil Proceeds over the next 3-5years. It is anchored on a five-point agenda with a view to raising $200 billion in FX earnings in the next five years. A major anchor of the program is the Non-Oil Export proceeds repatriation Rebate Scheme.

The rebate scheme is designed to incentivize exporters in the non-Oil export sector to encourage repatriation and sale of export proceeds into the FX Market. It is borne out of the need to develop new strategies aimed at earning more stable and sustainable inflows of FX, in order to insulate the Nigerian economy from shocks and FX shortages.

2.0. Objectives of the Scheme

The objectives of the Scheme are to:

a)    Enhance Foreign Exchange inflow.

b)    Diversify the sources of FX inflow.

c)     To increase the level of contribution of non-oil exports.

d)    Ensure stability and sustainability of FX inflows.

e)     Support export-oriented companies to expand their export operations and capabilities.