CBN releases 3.5 billion naira as refunds for exporters of semi, fully-processed non-oil commodities.

The Central Bank of Nigeria (CBN) has released 3.5 billion naira as refunds for exporters of semi and fully-processed non-oil commodities under the newly-created “Race To” (RT) 200 Non-oil Export Proceeds Repatriation Rebate Scheme.

At least one hundred, fifty exporters will benefit from the rebate fund, which was approved at the Bankers’ Committee meeting that ended on Thursday.

The CBN Governor, Godwin Emefiele, recently unveiled the RT 200 Non-oil Export Proceeds Repatriation Rebate Scheme, which is aimed at raising 200 billion dollars from processed and semi-processed non-oil exports in the next three to five years.

According to the implantation guideline, exporters of eligible non-oil commodities will receive sixty-five naira for every dollar repatriated and sold at the Investors’ and Exporters’ window for third-party use, while those who repatriate through the window for their use will be paid thirty-five naira per dollar as a rebate.

Kevin Madu