CBN suspends extension of export proceeds repatriation
CBN Building
Nike Popoola
The Central Bank of Nigeria (CBN) has announced the suspension of extension of export proceeds repatriation on behalf of exporters.
It disclosed on a circular numbered TED/FEM/FPC/GEN/001/001, signed by the Acting Director, Trade & Exchange Department, CBN, Dr. W.J. Kanye, titled ‘suspension of extension of export proceeds on behalf of exporters’, on Thursday.
It stated that pursuant to the provision of Memorandum 10A (23a) and Memorandum 10B (20a) of the Foreign Exchange Manual Revised Edition (March 2018) in respect of the repatriation of export proceeds for Oil and Non-Oil Exports, all authorized Dealers are to note the following:
The circular reads, “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.
“Accordingly, all Authorized Dealer Banks are required to draw the attention of their customers to the provision of extant regulation and ensure compliance.”
