The Central Bank of Nigeria (CBN) has announced the immediate suspension of approvals for the extension of export proceeds repatriation on behalf of exporters.
In a circular dated January 8, 2025, the apex bank said the directive applies to both oil and non-oil export transactions.
According to the circular, CBN would no longer grant extensions for the repatriation of export proceeds requested by authorised dealer banks on behalf of their customers.
With the circular, exporters are now required to adhere strictly to the stipulated timelines for repatriation.
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The circular, which was signed by Dr. W.J. Kanya, the acting Director of the CBN’s Trade & Exchange Department and released on Thursday said, “Pursuant to the provision of Memorandum 10 A (23a) and Memorandum 10B (20a) of the Foreign Exchange Manual Revised Edition (March 2018) in respect of repatriation of export proceeds for Oil and Non-Oil Exports, 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 Authorised 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.”
It also directed all authorized dealer banks to draw the attention of their customers to the provision of extant regulation and ensure compliance.
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