The Central Bank of Nigeria (CBN) has declared that it will no longer grant extensions for exporters to repatriate their export earnings.
This regulation goes into effect immediately after it was released in a circular on January 8, 2025.
Transactions involving the export of both oil and non-oil are suspended.
The decision is intended to compel adherence to current foreign exchange laws, according to the apex bank.
The judgement was based on rules of the Foreign Exchange Manual (Revised Edition, March 2018), which were detailed in the circular signed by W.J. Kanya, the acting director of the CBN’s Trade & Exchange Department.
Memorandums 10A (23a) and 10B (20a) are among these clauses.
“The Central Bank of Nigeria will no longer grant requests for authorised dealers to extend the repatriation of export revenues on behalf of their clients as of the date of this circular.”
For the avoidance of doubt, the circular said that the earnings of oil and non-oil exports must be repatriated and credited into the exporters’ export proceeds domiciliary accounts within 180 and 90 days, respectively, from the bill of lading date for non-oil and oil and gas exports.
