CBN Stops Extension Of Export Proceeds Repatriation
The Central Bank of Nigeria (CBN) has announced that exporters’ approvals for the extension of export proceeds have been suspended.
This directive which was issued through a circular dated January 8, 2025, take , immediate effect.
The suspension applies to both oil and non-oil export transactions.
The move aims to impose stricter compliance with current foreign exchange laws, according to the apex bank.
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The circular signed by the acting Director of the CBN’s Trade &, Exchange Department, W. J. Kanya, outlined provisions in the Foreign Exchange Manual (Revised Edition, March 2018) as the basis for the decision.
These provisions include Memorandum 10A (23a) and Memorandum 10B (20a).
The Central Bank of Nigeria will no longer grant approval for requests for Authorized Dealers to repatriate export proceeds on behalf of their customers as of the date of this circular.
Source: Channels TV
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