The Central Bank of Nigeria (CBN) has announced that it will no longer approve requests from authorised foreign exchange (FX) dealers for extensions on the repatriation of export proceeds.
The policy, outlined in a circular dated January 8, was signed by W.J. Kanya, the acting director of the trade and exchange department, and addressed to FX dealers. The decision takes immediate effect.
The circular cited provisions of the Foreign Exchange Manual Revised Edition (March 2018), which mandates the repatriation of proceeds from oil and non-oil exports within stipulated timelines.
“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 document stated.
“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.
“Accordingly, all Authorized Dealer Banks are required to draw the attention of their customers to the provision of extant regulation and ensure compliance.”
