The Central Bank of Nigeria (CBN) has announced the suspension of the extension of export proceeds by banks on behalf of exporters. This was disclosed yesterday by Dr. W.J. Kanya, the Acting Director of the Trade and Exchange Department, in a circular to Authorized Dealers and the general public. He explained that the decision was made in accordance with the provisions of Memorandum 10A (23a) and Memorandum 10B (20a) of the Foreign Exchange Manual, Revised Edition of March 2018, regarding the repatriation of export proceeds for both oil and non-oil exports.
The apex bank directed that from the date of the circular, “CBN will no longer approve requests for extension of Repatriation of export proceeds by Authorised Dealers on behalf of their customers.”
It added, “For the avoidance of doubt, proceeds of oil and non-oil exports are to be repatriated and credited into exporters’ export proceeds domiciliary account within 180 days and 90 days from the Bill of Lading date for non-oil and oil & gas exports, respectively.
“Accordingly, all Authorised Dealer Banks are required to draw the attention of their customers to the provision and ensure compliance.”
