The Central Bank of Nigeria (CBN) has approved the inclusion of the CFA Franc in the Nigeria Export Proceed (NXP) forms, a move that streamlines the repatriation of export proceeds.
This announcement was made by the Executive Director of the Nigeria Export Promotion Council (NEPC), Mrs. Nonye Ayeni, during a briefing on Nigeria’s non-oil export performance for 2024 in Abuja on Friday. Ayeni noted that the decision followed extensive discussions between the NEPC and the CBN, as the CFA Franc is a dominant currency in cross-border trading.
Ayeni expressed her delight at the approval, stating that the CFA Franc would now be accepted by banks as part of export proceeds for repatriation.
“I am delighted to inform you that we have concluded on some and the balance is currently undergoing the certification process. At the end of the exercise, a total of 855 SMEs will have benefitted from the scheme between the years 2022 and 2025,” she said.

This move is expected to facilitate smoother transactions in cross-border trade, particularly with countries that predominantly use the CFA Franc, such as those in West Africa.
In addition to the currency development, Ayeni shared that the NEPC had made significant strides in enhancing the capacity of Nigerian farmers. The council distributed hybrid seedlings and farm inputs to over 1,200 farmers across Nigeria, aiming to increase the production capacity of local farmers.
Furthermore, Ayeni detailed the NEPC’s “Go Global, Go for Certification” campaign, which has already begun certifying 400 SMEs to access international markets. The initiative is expected to benefit 855 SMEs between 2022 and 2025.
The council is also focused on mainstreaming informal border trade, with 1,116 informal sector operators receiving training on formalising export trade to increase foreign exchange earnings and ensure accurate export data capture.