The Central Bank of Nigeria has released a new guideline for exporters repatriating export proceeds under a rebate scheme.
In a circular to all authorized dealers signed by CBN Director, Trade and Exchange Department, O.S Nanji, the bank directed that export of products in their raw form will now be eligible for rebate.
He said a rebate amount of N25 for every USD$1 repatriated and sold on the Investors & Exporters’ Window (1&E) for third party use shall apply, while N15 for every USD$1 repatriated and sold on the Investors’ & Exporters’ Window (I&E) for own use shall apply.
According to the policy implementation guideline which has already taken effect, the payment of the graduated rebate amount is expected to encourage exporters of primary products enhance their capacity and eventually engage in value added exports.