The Central Bank of Nigeria (CBN) said that the 50% balance of the repatriated export proceeds may be sold to authorised dealers or eligible users of Foreign Exchange (FX).
The CBN stated this in a circular posted officially on the apex bank’s website on Friday, May 31, 2024. The circular was addressed to all authorised dealers and signed by Dr E.J. Kanya for the CBN Director, Trade and Exchange Department.
See the official press release below:
In May, the apex bank announced that 50% of the repatriated export proceeds could be utilised to fulfil financial commitments within the country, as needed, within the stipulated 90-day timeframe.
Furthermore, the central bank underscored that the initial 50% of repatriated proceeds could be aggregated promptly or as necessary.
Consequently, the CBN clarified that expenditures such as petroleum profit tax, royalty, domestic contractor invoices, cash calls, and domestic loan principal and interest payments are eligible for settlement from the remaining 50% balance. Additionally, other eligible expenses encompass transaction taxes (including the Nigerian Content Development Levy), education tax, and forex sales at the Nigerian Foreign Exchange Market.