CBN orders banks to name exporters failing to repatriate export proceeds

The Central Bank of Nigeria has directed all banks to submit the names, addresses and Bank Verification Numbers of exporters defaulting in repatriating their exports proceeds, for further action.

A statement from the CBN said this was agreed Tuesday at the Bankers’ Committee virtual meeting. CBN Governor Godwin Emefiele disclosed plans to meet chief executives of multinational companies in Nigeria to discuss the revamp of Nigerian exports.

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Emefiele said the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, would ensure the facilitation of a reboot of the Nigerian export market.

He reiterated that the country had no choice but to diversify its economic base away from heavy reliance on crude oil.

The CBN and the bankers, on Emefiele’s promting, yesterday agreed to support the airlines and the media industry. The committee noted that decision was to mitigate the impact of COVID-19 on both industries.

Addressing the Bank Chief Executives at the Bi-monthly virtual Emefiele urged the banks to do all within their powers to support airlines in the country as such support was critical to helping the industry recover from the economic crisis triggered by the COVID-19. He also urged the banks to support the efforts of the media industry in Nigeria, to cope with the lingering pandemic, in order to avoid massive job losses in the industry.