The Central Bank of Nigeria (CBN) has announced the suspension of the extension of export proceeds by banks on behalf of exporters, effective immediately.
The decision, disclosed in a circular by the Acting Director of Trade and Exchange Department, Dr. W.J. Kanya, aligns with the provisions of Memorandum 10A (23a) and Memorandum 10B (20a) of the Foreign Exchange Manual Revised Edition of March 2018.
These provisions mandate the repatriation of export proceeds within specific timeframes.
According to the circular, export proceeds for oil and gas must be repatriated and credited to exporters’ domiciliary accounts within 90 days of the Bill of Lading date, while non-oil export proceeds must be repatriated within 180 days.
“For the avoidance of doubt, CBN will no longer approve requests for extension of repatriation of export proceeds by Authorized Dealers on behalf of their customers,” the statement read.
The apex bank directed all Authorized Dealer Banks to ensure their customers comply with these regulations, emphasizing the importance of adherence to the outlined timelines.
