Immediate Implementation of New Policy
The Central Bank of Nigeria (CBN) has declared an immediate cessation of granting extensions for the repatriation of export proceeds. This decision was communicated through a circular dated January 8, 2025, which took effect right away.
Broad Impact Across Sectors
This policy change affects both the oil and non-oil export sectors, aiming to reinforce adherence to current foreign exchange rules.
Legal Basis for Decision
The directive, penned by W.J. Kanya, the acting Director of the CBN’s Trade & Exchange Department, references specific guidelines from the Foreign Exchange Manual (Revised Edition, March 2018). Key references include Memorandum 10A (23a) and Memorandum 10B (20a).
New Repatriation Timelines
From the date of the circular’s release, the CBN will no longer entertain requests from Authorized Dealers for additional time to repatriate export earnings on behalf of their clients. The new policy states clearly that “proceeds of oil and non-oil exports must be repatriated and credited into the exporters’ export proceeds domiciliary accounts within 180 days for non-oil exports and 90 days for oil and gas exports from the bill of lading date.”
