CBN Reinforces Export Proceeds Regulation to Bolster Economic Stability
The Central Bank of Nigeria (CBN) has announced a critical policy shift aimed at reinforcing compliance with foreign exchange regulations. In a circular dated January 8, 2025, signed by Dr. W.J. Kanya, Acting Director of the Trade and Exchange Department, the apex bank suspended the extension of export proceeds repatriation timelines for both oil and non-oil exports.
This directive, issued under Memorandum 10A (23a) and Memorandum 10B (20a) of the Foreign Exchange Manual (Revised Edition, March 2018), mandates that exporters repatriate proceeds into their domiciliary accounts within 180 days for non-oil exports and 90 days for oil and gas exports from the bill of lading date.
The circular emphasized that authorized dealer banks must ensure their customers adhere strictly to these timelines, as the CBN will no longer approve requests for extensions.
This decision reflects the bank’s commitment to fostering a robust foreign exchange market and mitigating delays in repatriating export proceeds, which are vital for sustaining Nigeria’s forex reserves.
Industry observers have lauded the move as a necessary step to encourage timely repatriation, enhance transparency in trade practices, and curb leakages in the system. However, stakeholders in the export sector have called for improved infrastructure and support to facilitate compliance within the stipulated periods.
As Nigeria navigates its economic recovery efforts, the CBN’s directive underscores the importance of efficient foreign exchange management in stabilizing the nation’s economy. Authorized dealers and exporters are urged to prioritize compliance to avoid sanctions and ensure seamless trade operations.
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