The Central Bank of Nigeria (CBN) has announced the suspension of approvals for the extension of export proceeds repatriation by banks on behalf of exporters.

This decision, which took effect immediately, was communicated in a circular from Dr. W.J. Kanya, the acting director of the Trade and Exchange Department, to all authorized dealers and the general public.

The CBN's directive emphasizes strict compliance with existing regulations outlined in the Foreign Exchange Manual (Revised Edition, March 2018).

Specifically, it mandates that proceeds from oil exports must be repatriated and credited to exporters’ domiciliary accounts within 90 days, while non-oil exports must adhere to a 180-day timeframe from the date of the bill of lading.

The apex bank has made it clear that these timelines are non-negotiable and that failure to comply could result in penalties or other regulatory actions.