Abuja, Jan. 10, 2025 – The Central Bank of Nigeria (CBN) has suspended granting approvals for extension of export proceed repatriation.
This applies to both oil and non-oil export transactions.
The apex bank announced this through a circular, signed by Dr W.J. Kanya, the CBN Acting Director of Trade & Exchange, dated Jan. 8, 2025.
It said the directive was to enforce compliance with existing foreign exchange regulations.
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 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.”
The CBN said the new development imposed stricter obligations on exporters and their authorised dealer banks to comply with the repatriation rules.
It directed banks to notify their clients of the updated regulations and ensure adherence.
The apex bank said non-compliance could attract penalties or other regulatory actions. (GBN)
