UNDER the newly launched RT200 Non-oil Export Proceeds Repatriation Rebate Scheme, the Central Bank of Nigeria (CBN) has disbursed N3.5 billion in reimbursements to exporters of semi- and fully-processed non-oil commodities.
The rebate fund, which was approved at the Bankers’ Committee meeting yesterday, will help at least 150 exporters.
Godwin Emefiele, the Governor of the Central Bank of Nigeria, recently presented the plan, which aims to raise $200 billion through processed and semi-processed non-oil exports over the next three to five years.
Exporters of eligible non-oil commodities will receive N65 for every $1 repatriated and sold through the Investors’ and Exporters’ (I & E) window for third-party use, while those who repatriate through the window for their own use will receive N35 per dollar as a rebate, according to the implantation guideline.
The Managing Director of Fidelity Bank Plc, Nneka Onyeali-Ikpe, briefed the media on the meeting’s outcome, saying that the first tranche of the rebate, which would be paid quarterly, would benefit 150 exporters.
Exporters of “semi, intermediate, and fully-processed non-oil commodities” would also benefit from long-term single-digit credits, she noted, which would help the country’s external sector and non-oil earnings.
Onyeali-Ikpe also revealed that the Banker’s Committee is working with state governments on the construction of export processing zones and terminals, efforts that, if successful, will spur growth and increase local capacity utilization.
Miriam Olusanya, Onyeali-GTBank Ikpe’s colleague, revealed the Committee’s attempts to enhance the acceptance rate of the eNaira, which was unveiled in October. She stated that the effort will receive more publicity from the body, and that the campaign’s second phase would focus on “onboarding of the unbanked” using the USSD code option.
“We have seen over 756, 000 downloads of the App. In terms of retail wallets, we have seen 165,000 consumer wallets and 2,800 merchant wallets. The advantage of eNaira is that it is at no cost currently. One of the things the CBN wants to achieve is that it will remain cheap even if there will be a cost to it subsequently.
“In terms of settlements, it is 100 per cent with no error whatsoever. eNaira is something we will keep pushing as the committee of bankers,” she stressed.
Haruna Mustafa, the CBN’s Director of Banking Supervision, rejected questions about dust wallets (wallets with near-zero transactions), noting that “eNaira is still in its early days.” He believes it has the ability to revolutionize the payment system, but that public understanding of its benefits will take time.
Ademola Adebise, the Managing Director of Wema Bank Plc, said the Central Bank Digital Currency (CBDC) would increase financial inclusion through payment infrastructure, adding that “this complements existing payment platforms such as point of sale (POS) terminals.”
All banks, according to Adebise, have eNaira and QRCode, both of which were revealed last year and are integrated into the website for accessibility, and the light infrastructure will enhance contactless payment culture.
In addition, Abubakar Suleiman, the Chief Executive Officer of Sterling Bank Plc, stated that the Committee was concerned about the brain drain in the financial technology sector.
He, on the other hand, stated that the body will not engage in navel-gazing but rather work with the Chartered Institute of Bankers of Nigeria (CIBN) to build capacity in order to plug the hole.
