The Central Bank of Nigeria (CBN) has announced the suspension of approvals for the extension of export proceeds repatriation on behalf of exporters, effective from Wednesday, January 8, 2025.
This decision was communicated via a circular dated January 8, 2025, which was published on the CBN’s website on Thursday afternoon. The circular, signed by Dr. W.J. Kanya, Acting Director of the Trade & Exchange Department, is titled “Suspension of Extension of Export Proceeds on Behalf of Exporters”.
According to the circular, this suspension aligns with the provisions of Memorandum 10A (23a) and Memorandum 10B (20a) from the Foreign Exchange Manual Revised Edition of March 2018.
The CBN stated that with respect to the repatriation of export proceeds from both Oil and Non-Oil sectors, all authorized dealers should note that “with effect from the date of this circular, the Central Bank of Nigeria will no longer approve requests for extension of repatriation of export proceeds by Authorised Dealers on behalf of their customers.”
The directive further clarifies that proceeds from oil and non-oil exports must be repatriated and credited to the exporters’ export proceeds domiciliary accounts within 180 days for non-oil exports and within 90 days from the bill of lading date for oil and gas exports.
The circular mandates all Authorised Dealer Banks to inform their customers about these regulations and ensure compliance. From January 8, 2025, the CBN will not entertain requests from these banks for extensions to the repatriation timelines. Exporters are now required to adhere strictly to these timelines for the repatriation of their export proceeds without expecting any extensions.
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