2009-07-20 | TED-FEM-FPC-GEN-01-116-09

Amendment of Guidelines on Repatriation of Export Proceeds for Non-oil Commercial Exports.

The Central Bank of Nigeria has revised guidelines on repatriation of export proceeds for non-oil commercial exports, requiring complete repatriation within 180 days from the shipment date. Repatriation of oil export proceeds remains at 90 days. Authorized dealers must inform their customers and ensure compliance; failure to comply within the stipulated period may result in a 25% financial fine on FOB value, along with other sanctions under the BOFI Act of 1991.

Nigeria

Central Bank of Nigeria

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