Regulatory Alerts2015-02-19 | TED/FEM/FPC/GEN/01/005Repatriation 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.
09 46237804 09 46237802 TRADE AND EXCHANGE DEPARTMENT E-mail address: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/005 February 19, 2015 TO: ALL AUTHORISED DEALERS and GENERAL PUBLIC
Repatriation Of Export Proceeds (Oil And Non-Oil)
Pursuant to the provisions of Paragraph (4) Memorandum (11) of the Foreign Exchange Manual, in respect of the repatriation of export proceeds, all authorized dealers are requested to note that: V proceeds of oil and non-oil exports are to be repatriated into the export proceeds domiciliary accounts of their respective exporters' accounts within ninety (90) days for oil exports and One Hundred and Eighty (180) days for non-oil exports, failing which the collecting bank will be liable to a fine of 10% of the FOB value of the transaction, including other appropriate penalties as provided in the BOFIA Act of 1991, as amended.
V Where an exporter fails to repatriate the proceeds into the domiciliary account within the stipulated period, the exporter will be barred from participating in all the segments of the foreign exchange market in Nigeria.
Please be guided accordingly and ensure strict compliance. OLAKANMI I. GBADAMOSI DIRECTOR TRADE & EXCHANGE DEPARTMENT