The Central Bank of Nigeria (CBN) has announced the immediate suspension of approvals for the extension of export proceeds repatriation.
This directive, issued via a circular dated January 8, 2025, applies to both oil and non-oil export transactions.
The apex bank stated that the measure is aimed at ensuring strict compliance with existing foreign exchange regulations.
In the circular signed by W.J. Kanya, Acting Director of the Trade & Exchange Department, the CBN cited provisions from the Foreign Exchange Manual (Revised Edition, March 2018), specifically Memorandum 10A (23a) and Memorandum 10B (20a), as the basis for the decision.
The directive emphasizes:
Export proceeds for non-oil exports must be repatriated within 180 days from the bill of lading date.
Export proceeds for oil and gas exports must be repatriated within 90 days from the bill of lading date.
The CBN 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 Authorized Dealers on behalf of their customers.”
The move underscores the CBN’s commitment to enforcing foreign exchange rules and addressing concerns about delays in the repatriation of export proceeds.
The suspension is expected to improve the inflow of foreign exchange into the Nigerian economy.
Exporters and authorized dealers have been urged to align with the directive to avoid penalties and disruptions to their operations.
The CBN’s decision is a critical step in reinforcing compliance within Nigeria’s foreign exchange ecosystem.