*The Central Bank of Nigeria will no longer approve requests for extension of repatriation of export proceeds by Authorised Dealers on behalf of their customers, says W.J. Kanya, Acting Director of Trade & Exchange Department

Isola Moses | 绿帽献妻

In a move to enforce compliance with existing Foreign Exchange (Forex) regulations, the Central Bank of Nigeria (CBN) has announced the suspension of approvals for the extension of export proceeds repatriation on behalf of exporters.

绿帽献妻 reports the CBN issued the directive through a circular dated January 8, 2025, which the banking sector regulator said would take immediate effect.

The suspension applies to both oil and non-oil export transactions.

The Bankers’ Bank disclosed the move aims to enforce compliance with existing Foreign Exchange regulations.

W.J. Kanya, Acting Director of the CBN鈥檚 Trade & Exchange Department at CBN, who signed the circular also outlined provisions in the Foreign Exchange Manual (Revised Edition, March 2018) as the basis for the decision.

These provisions include Memorandum 10A (23a) and Memorandum 10B (20a).

The Bank further stated: “With effect from the date of this circular, the Central Bank of Nigeria will no longer approve requests for extension of repatriation of export proceeds by Authorised Dealers on behalf of their customers.

鈥淔or the avoidance of doubt, proceeds of oil and non-oil exports are to be repatriated and credited into the exporters鈥� export proceeds domiciliary accounts within 180 days and 90 days from the bill of lading date for Non-Oil and Oil & Gas exports, respectively.”