The Central Bank of Nigeria (CBN) has announced the suspension of the extension of export proceeds repatriation requests on behalf of exporters. This directive was issued through a circular dated January 8, 2025, and signed by Dr. W.J. Kanya, Acting Director of the Trade and Exchange Department.
The circular refers to provisions in the Foreign Exchange Manual Revised Edition (March 2018) concerning the repatriation of export proceeds for both oil and non-oil exports. It states that authorized dealer banks are no longer permitted to seek extensions for the repatriation of export proceeds on behalf of their customers.
Key points from the directive include:
1. Timeframe for Repatriation:
• Proceeds from non-oil exports must be repatriated and credited into exporters’ domiciliary accounts within 180 days from the bill of lading date.
• Proceeds from oil and gas exports must be repatriated within 90 days of the bill of lading date.
2. Compliance Enforcement: Authorized dealer banks are instructed to ensure their customers adhere to these regulations and comply with the stipulated timelines.
This move aims to enhance compliance with existing foreign exchange regulations, improve transparency, and strengthen the country’s foreign exchange management system.
The CBN has urged all stakeholders to take note of the directive and ensure strict adherence to the provisions.
