2015-02-19 | TED/FEM/FPC/GEN/01/005

Repatriation of Export Proceeds (Oil and non-Oil)

The Trade and Exchange Department of the Central Bank of Nigeria issues a circular to all authorized dealers and the general public regarding the repatriation of export proceeds for oil and non-oil exports. The circular emphasizes that proceeds must be repatriated into the respective exporters' domiciliary accounts within 90 days for oil exports and 180 days for non-oil exports, with penalties for non-compliance, including fines and restrictions on participating in the foreign exchange market in Nigeria. The department urges strict compliance with the stipulated guidelines.

Nigeria

Central Bank of Nigeria

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