CBN Stops Extension Of Export Proceeds Repatriation

The Central Bank of Nigeria has just announced that it will no longer approve requests for the extension of repatriation of export proceeds by authorised dealers on behalf of their customers. This means that exporters will now have to repatriate their export proceeds within the stipulated time frames - 180 days for oil and gas exports and 90 days for non-oil exports - without any possibility of extension. The CBN is trying to tighten the management of foreign exchange and ensure prompt and efficient repatriation of export proceeds, which is vital for the stability of our foreign exchange market.

This new directive is expected to enhance the liquidity of the foreign exchange market by reducing delays in the repatriation of export proceeds. Authorised dealer banks will now have to bring this new directive to the attention of their customers and ensure compliance. Exporters will have to adjust their operations accordingly, and failure to comply could lead to repercussions for both exporters and the banks handling their transactions.

The CBN has been working to strengthen the country's foreign exchange policy framework and ensure timely compliance with regulations that promote economic stability. This move is part of a broader strategy to address Nigeria's ongoing challenges related to foreign currency management and economic stability.

https://www.channelstv.com/2025/01/09/cbn-stops-extension-of-export-proceeds-repatriation-for-exporters/