Regulatory Alerts2017-10-27 | TED/FEM/FPC/GEN/01/013Re: Repatriation of Export Proceeds (Oil and Non-Oil)
The Trade and Exchange Department circulates a reminder to authorized dealers and the general public about the repatriation of export proceeds for oil and non-oil exports. Exporters who fail to repatriate their proceeds within 90 days for oil and gas or 180 days for non-oil exports are in breach of regulations and will face consequences, including being barred from accessing banking services and the foreign exchange market. This reminder reinforces the regulations set out in the February 19, 2015 circular.
TRADE AND EXCHANGE DEPARTMI 09 462 37804 09 462 37802 e-mail: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/013 TO: ALL AUTHORISED DEALERS AND THE GENERAL PUBLIC October 26, 2017 RE: REPATRIATION OF EXPORT PROCEEDS (OIL AND NON-OIL) Further to the provisions of the circular Ref: TED/FEM/FPC/GEN/01/005 of February 19, 2015 on the above subject, exporters are hereby reminded that failure to repatriate their exports proceeds within the stipulated 90 days for Oil & Gas and 180 days for Non-Oil Exports constitute a breach of the extant regulation.
Consequently, any exporter that defaults in the repatriation of export proceeds within the stipulated period shall be barred from accessing all banking services including access to the foreign exchange market.
Please note and ensure compliance accordingly.
W. D/Gotring Director Trade and Exchange Department