CBN Approves CFA Franc Listing on Nigeria Export Proceeds Forms

• CBN has approved the inclusion of the CFA Franc on Nigeria Export Proceeds (NXP) forms.

• The approval is expected to boost trading and facilitate the repatriation of export proceeds.

• The Nigeria Export Promotion Council (NEPC) had earlier engaged the CBN on the inclusion of the CFA Franc.

The Nigeria Export Promotion Council (NEPC) has confirmed that the Central Bank of Nigeria (CBN) has approved the inclusion of the CFA Franc on Nigeria Export Proceeds (NXP) forms.

Mrs. Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024 in Abuja on Friday.

Ayeni said that the council had earlier engaged the CBN on the inclusion of the CFA Franc.

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“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds. We will be working with CBN and the banks to ensure full implementation,” Ayeni said.

She also highlighted other efforts by the agency to facilitate exports, including certification of 400 small and medium-sized enterprise (SME) exporters.

CBN Clears Outstanding $7bn FX Backlog

The Central Bank of Nigeria (CBN) has announced the clearance of the outstanding $7 billion foreign exchange backlog.

CBN Governor Olayemi Cardoso made the announcement at the launch of Nigeria’s Regulatory Policy Framework, organized by the Presidential Enabling Business Environment Council.

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