CBN Stops Extension Of Export Proceeds Reparations

The Central Bank of Nigeria has suspended approvals for the extension of export proceeds repatriation on behalf of exporters, effective immediately. This directive, issued via a circular yesterday applies to both oil and non-oil export transactions.

Signed by the acting Director of the CBN’s Trade & Exchange Department, W.J. Kanya, the circular outlined provisions in the Foreign Exchange Manual as the basis for the decision.

The apex bank explained that the move aims to enforce compliance with existing foreign exchange regulations. Exporters are now required to adhere strictly to the stipulated timelines for repatriation.