The Central Bank of Nigeria (CBN) has announced the
cessation of the RT200 rebate scheme and the Naira4Dollar remittance scheme,
with effect from June 30.
The apex bank announced the development in a circular issued
on Wednesday and signed by Angela Sere-Ejembi, director, financial markets
department.
”The Central Bank of Nigeria (CBN) wishes to inform all
authorized dealers and the general public of the following immediate changes to
operations in the Nigerian Foreign Exchange (FX) Market: Cessation of RT200
Rebate Scheme and the Naira4Dollar Remittance Scheme, with effect from 30 June
2023,” the circular reads in part.
Launched last year, the Race to $200 billion in FX
Repatriation (RT200FX) initiative was established to stimulate non-oil exports
with a $200 billion FX income target in the next three to five years.
Under the scheme, a rebate of N65 for every $1 of
repatriated non-oil export proceeds is paid to exporters of semi-finished and
finished goods, while exporters of unprocessed items enjoy a rebate of N25/$.
On the other hand, the Naira 4 Dollar Scheme was introduced
in March 2021 as an incentive for senders and recipients of international money
transfers. The policy entailed the payment of N5 for every $1 received as a
remittance inflow.
Both policies were introduced by the CBN under the
leadership of Godwin Emefiele, the suspended governor.
President Bola Tinubu suspended Emefiele on June 9 and
directed that he transfers his responsibilities to the deputy governor,
operations directorate.
Folashodun Adebisi Shonubi, the deputy governor, is expected
to act as the CBN governor pending the conclusion of an investigation ordered
by the president into Emefiele’s activities.
The Department of State Services (DSS) later announced that
Emefiele is currently in its custody for “some investigative reasons.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com