Africa
By Tennyson Sampson
THE Central Bank of Nigeria, CBN, has released a revised operating guidelines for the RT200 Non-Oil Export Bi-annual summit
According to the circular released on May 10, 2023 and signed by O. S. Nnaji, Director, Trade and Exchange Department of CBN, the new guidelines will be effectively implemented from April 1,, 2023.
Following this new guideline, the rebate amount for every repatriated $1 sold on the investors & exporters window is to be considered at N25 for a third party use and N15 for own use, respectively.
It added that the graduated rebate amount payment is intended to encourage the primary product exporters to enhance their capacity and help them engage more in value added exports.
It explained that the new scheme is in furtherance of a referenced Circular TED/FEM/FPC/GEN/01/002, dated February 25, 2023, which focused on the just concluded 3rd edition of the RT200 Non-oil export Bi-annual Summit.
The new revised scheme, according to the circular, came weeks after it was duly considerably reviewed by the CBN.
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