The Central Bank of Nigeria (CBN) has suspended banks’ extensions of export proceeds on behalf of exporters.
Ag. Director of Trade and Exchange Department, Dr W.J Kanya, disclosed this yesterday in a circular to Authorized Dealers and the general public, adding that the decision was Pursuant to the provision of Memorandum 10A (23a) and Memorandum 10B (20a) of the Foreign Exchange Manual Revised Edition of March 2018 in respect of repatriation of export proceeds for oil and non-oil export.
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 Authorized 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 Authorized Dealer Banks are required to draw the attention of their customers to the provision and ensure compliance.”
