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The Central Bank of Nigeria (CBN) has halted approval for the extension of export proceeds repatriation.
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Exporters must now repatriate proceeds within 180 days for oil and gas exports and 90 days for non-oil exports.
The Central Bank of Nigeria (CBN) has announced that it will no longer approve requests for the extension of repatriation of export proceeds.
This decision, effective immediately, aims to tighten the management of foreign exchange and ensure prompt repatriation of export proceeds.
According to a circular signed by W.J. Kanya, acting director of the Trade and Exchange Department, exporters must repatriate proceeds within 180 days for oil and gas exports and 90 days for non-oil exports.
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An analyst noted, “This is a clear directive that aims to ensure prompt and efficient repatriation of export proceeds, which is vital for the stability of our foreign exchange market.”
Authorised dealer banks are required to bring this new directive to the attention of their customers and ensure compliance.
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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that the 1000 staff members who left the institution in December 2024 did so voluntarily and were not forced to resign.
Cardoso made the clarification on Friday during an investigative hearing by the House of Representatives ad-hoc committee, which is probing the reasons behind the staff exits and the N50 billion severance package offered to those affected
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