CBN Suspends Extension Of Export Proceeds Repatriation
The Central Bank of Nigeria (CBN) has said requests for the extension of export proceeds repatriation by authorised foreign exchange (FX) dealers will no longer be approved.
The apex bank stated this in a circular dated January 8, signed by W.J. Kanya, its acting director of the trade and exchange department, and addressed to FX dealers.
It explained that the move aims to enforce compliance with existing foreign exchange regulations.
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The CBN stated that with immediate effect, it would no longer grant extensions for the repatriation of export proceeds requested by authorised dealer banks on behalf of their customers.
Exporters are now required to adhere strictly to the stipulated timelines for repatriation.
Proceeds from non-oil exports must be repatriated within 180 days from the bill of lading date, while oil and gas export proceeds must be repatriated within 90 days.
The apex bank stressed that these timelines are non-negotiable.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
