The Central Bank of Nigeria (CBN) has announced the suspension of banks extending export proceeds on behalf of exporters.
In a circular released by Dr. W.J. Kanya, the Acting Director of Trade and Exchange Department, the decision aligns with provisions outlined in Memorandum 10A (23a) and Memorandum 10B (20a) of the Foreign Exchange Manual, Revised Edition of March 2018. These regulations pertain to the repatriation of export proceeds for both oil and non-oil exports.
Effective immediately, the CBN declared that it will no longer approve requests by Authorised Dealers to extend the repatriation of export proceeds on behalf of their customers.
To ensure clarity, the circular emphasized that proceeds from oil and non-oil exports must be repatriated and deposited into exporters’ export proceeds domiciliary accounts within specific timelines:
- 90 days for oil and gas exports.
- 180 days for non-oil exports.
Furthermore, Authorised Dealer Banks have been directed to notify their customers of these regulations and enforce strict complianceMeta Description
“Discover why the CBN has suspended export proceeds extensions by banks, highlighting its impact on exporters and compliance timelines.”
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