- The Central Bank of Nigeria (CBN) has suspended the extension of export proceeds by banks on behalf of exporters.
- The decision is based on provisions in the Foreign Exchange Manual Revised Edition of March 2018.
- Exporters must repatriate proceeds within specified timelines.
The Central Bank of Nigeria (CBN) has suspended the extension of export proceeds by banks on behalf of exporters. This decision was made pursuant to provisions in the Foreign Exchange Manual Revised Edition of March 2018.
Objectives of the Suspension
The suspension aims to ensure compliance with repatriation timelines for export proceeds.
New Repatriation Timelines
Exporters must repatriate proceeds within 180 days for non-oil exports and 90 days for oil and gas exports.
All Authorized Dealer Banks are required to inform their customers of these new timelines and ensure compliance.
