Regulatory Alerts2025-01-08 | TED/FEM/FPC/GEN/001/001Suspension of Extension of Export Proceeds on behalf of Exporters
The Central Bank of Nigeria will no longer approve requests for extensions on the repatriation of export proceeds by authorized dealers on behalf of their customers. Proceeds from oil and non-oil exports must be repatriated and credited to exporters' accounts within 180 and 90 days, respectively. All authorized dealer banks must ensure their customers are aware of and comply with these regulations.
- Garki, Abuia, F TRADE AND EXCHANGE DEPARTMENT TED/FEM/FPC/GEN/001/001 January 8, 2025 TO: ALL AUTHORISED DEALERS and GENERAL PUBLIC SUSPENSION OF EXTENSION OF EXPORT PROCEEDS ON BEHALF OF EXPORTERS Pursuant to the provision of Memorandum 10A (23a) and Memorandum 10B (20a) of the Foreign Exchange Manual Revised Edition (March 2018) in respect of the repatriation of export proceeds for Oil and Non-Oil Exports, all authorized Dealers are to note the following: a. With effect from the date of this circular, the Central Bank of Nigeria will no longer approve requests for extension of repatriation of export proceeds by Authorized Dealers on behalf of their customers.
b. For the avoidance of doubt, proceeds of oil and non-oil exports are to be repatriated and credited into the exporters' export proceeds domicillary accounts within 180 days and 90 days from the bill of lading date for Non-Oil and Oil & Gas exports respectively.
Accordingly, all Authorized Dealer Banks are required to draw the attention of their customers to the provision of extant regulation and ensure compliance.
Please note and be guided.
DR. W.J. KANYA Ag. DIRECTOR TRADE & EXCHNAGE DEPARTMENT