
CBN HALTS EXTENSION OF EXPORT PROCEEDS REPATRIATION
The Central Bank of Nigeria (CBN) has announced the suspension of approvals for the extension of export proceeds repatriation on behalf of exporters.
This directive which was issued through a circular dated January 8, 2025, take immediate effect.
The suspension applies to both oil and non-oil export transactions.
According to the apex bank, the move aims to enforce compliance with existing foreign exchange regulations.
The circular signed by the acting Director of the CBN’s Trade & Exchange Department, W.J. Kanya, 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).
“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.
“For the avoidance of doubt, proceeds of oil and non-oil exports are to be repatriated and credited into the exporters’ export proceeds domiciliary accounts within 180 days and 90 days from the bill of lading date for Non-Oil and Oil & Gas exports, respectively,” the circular said.
More Stories
POPE FRANCIS’ COFFIN REACHES SANTA MARIA MAGGIORE FOR BURIAL (PICTURES)
The casket of the late Pope Francis has arrived at the Basilica of Santa Maria Maggiore in Rome for...
FORMER BENUE COUNCIL CHAIRMAN, IJIGAH, LAID TO REST
The remains of former Ogbadibo Local Government Chairman, Hon. Ijigah Okoh, have been buried in his hometown, Mission Ekere,...
TIKTOKER SUFFERS SEIZURE DURING LIVE VIDEO, DIES
A popular TikToker known simply as ‘Disturbing’ has passed away while streaming live on social media. The incident...
FG RECEIVES 231 TRAFFICKED NIGERIAN YOUTHS RESCUED FROM GHANA (VIDEOS)
A total of 231 Nigerian boys and girls who were trafficked to Ghana have been rescued and brought back to...
LAGOS, GOODKNIGHT, SFH PARTNER TO TACKLE MALARIA ON WORLD MALARIA DAY
The Lagos State Ministry of Health, alongside Society for Family Health and Goodknight Nigeria, commemorated the 2025 World Malaria Day...
TWO KILLED, SIX INJURED IN OYO-OGBOMOSO ROAD CRASH
Two individuals lost their lives in a road accident that occurred along the Oyo-Ogbomoso highway. The single-vehicle crash...