Business
CBN promotes export of primary products
The Central Bank of Nigeria, CBN, has advanced towards encouraging exporters of primary products to enhance their capacity and eventually engage in value added exports.
The CBN, in furtherance to the circular dated February 25, 2022 referenced TED/FEM/FPC/GEN/01/002 and the outcome of deliberations at the just concluded third edition of the RT200 Non-oil Export bi-annual Summit, announced that export of products in their raw form shall be eligible for rebate.
The Bank also announced a rebate amount of N25 for every USD$1 repatriated and sold on the Investors’ &Exporters’ Window (I&E) for third party use shall apply;
while a N15 for every USD$1 repatriated and sold on the Investors’ &
Exporters’ Window (I&E) for own use shall apply.
The effective date for implementation wil be April 01, 2023, the Bank said, while urging all Authorised Dealers are to ensure strict compliance.