The Central Bank of Nigeria (CBN) has announced the suspension of approvals for the extension of export proceeds repatriation on behalf of exporters. The suspension applies to both oil and non-oil export transactions.
According to CBN, the directive takes effect, January 8, 2025.
In a circular signed by the Acting Director of Trade and Exchange Department, Dr W.J Kanya, the apex Bank stated thus:
“Pursuant to the provision of the memorandum of Memorandum 10A (23a) and Memorandum 10B (20a) of the Foreign Exchange Manual (Revised Edition, March 2018) in respect of repatriation of export proceeds of Oil and Non- Oil export, all authorised dealers are to note the following:
“With effect from the date of this circular, the Central Bank of Nigeria will no longer approve requests for extension of repatriation of export proceeds by Authorized Dealers on behalf of their customers.
“For the avoidance of doubt, proceeds of oil and non-oil exports are to be repatriated and credited into the exporters’ export proceeds domiciliary accounts within 180 days and 90 days from the bill of lading date for Non-Oil and Oil & Gas exports, respectively”
All Authorised Dealer Banks are required to draw the attention of their customers to the regulation to ensure compliance”.