CBN releases operating guidelines for its R200 policy

The Central Bank of Nigeria (CBN), has released guidelines for the operationalisation of its R200 policy.

The News Agency of Nigeria (NAN) recalls that the apex bank recently initiated the R200 policy in an effort to reduce exposure to volatile sources of foreign exchange and to earn more stable and sustainable inflows.

The policy is aimed at raising 200 billion dollars in Foreign Exchange (FX) earnings from non-oil proceeds over the next five years.

Ozoemena Nnaji, Director of Trade and Exchange Department of the CBN, in a circular on Monday, said that a major anchor of the programme was the Non-Oil Export proceeds repatriation Rebate Scheme.

Nnaji said that the rebate scheme was designed to incentivise exporters in the non-oil export sector to encourage repatriation and sale of export proceeds into the FX Market.

She said that only exporters of finished and semi-finished goods were eligible for the incentive.

“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.

“Exporters shall qualify for the rebates only where repatriated export proceeds are sold at the Investors’ and Exporters’ (I&E) Window.

“Eligible transactions that qualify for incentives under the Scheme shall be Export of finished and semi-finished goods wholly or partly processed or manufactured in Nigeria,” she said.

The director listed registration with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC), and sale of repatriated export proceeds at the I & E window as part of the guidelines.

She said that the guidelines would be subject to review from time to time as may be deemed necessary by the CBN.

(NAN)

 

James Ewaoche Amedu

Recent Posts

Newly promoted NSCDC officer collapses, dies in restroom after salary alert

A newly promoted officer of the Nigeria Security and Civil Defence Corps (NSCDC), identified only…

4 hours ago

Why Tinubu promoted Acting COAS Oluyede to Lieutenant General – Presidency reveals

President Bola Tinubu promoted Acting Chief of Army Staff Olufemi Olatubosun Oluyede to the rank…

4 hours ago

Nigerian govt Scraps 18-year admission requirement for tertiary institutions

The Federal Government has officially scrapped the contentious 18-year age requirement for admission into tertiary…

4 hours ago

Baltasar Engonga: Equatorial Guinea govt takes action as more videos leaks onlines

The Government of Equatorial Guinea has restricted citizens from using mobile data to download and…

5 hours ago

BREAKING: Tinubu promotes Acting COAS Olufemi Oluyede to Lieutenant General rank

President Bola Tinubu has promoted Acting Chief of Army Staff (COAS) Olufemi Oluyede to the…

5 hours ago

BREAKING: Baltasar Engonga: Equatorial Guinea restricts WhatsApp amid leaked videos

The Government of Equatorial Guinea has restricted citizens from using mobile data to download and…

8 hours ago