The Central Bank of Nigeria (CBN) has announced the suspension of export proceeds extension requests by banks acting on behalf of exporters.
In a circular issued by Dr. W.J. Kanya, Acting Director of the Trade and Exchange Department, the apex bank emphasized that the move aligns with provisions of the Foreign Exchange Manual, Revised Edition of March 2018, regarding the repatriation of export proceeds for oil and non-oil exports.
Effective immediately, the CBN stated it “will no longer approve requests for the extension of repatriation of export proceeds by Authorised Dealers on behalf of their customers.”
The bank reiterated that exporters must repatriate proceeds and credit them to their domiciliary accounts within specified timelines—180 days for non-oil exports and 90 days for oil and gas exports from the Bill of Lading date.
Authorised Dealer Banks have been instructed to inform their customers of the new directive and ensure full compliance.