The Central Bank of Nigeria (CBN) has announced the suspension of the extension of export proceeds repatriation deadlines, a move aimed at reinforcing compliance with export guidelines. This directive mandates exporters to remit their proceeds within the stipulated period to foster accountability and bolster foreign exchange inflows into the Nigerian economy.
Previously, exporters could request extensions for repatriating proceeds, citing operational delays or unforeseen circumstances. However, the CBN has halted these concessions, emphasizing the need for strict adherence to its regulatory framework. The policy requires all export proceeds to be repatriated within 90 days for oil and gas exports and 180 days for non-oil exports.
In a statement, the apex bank reiterated its commitment to ensuring exporters meet their obligations. “The suspension is part of ongoing efforts to maintain discipline within the export sector and stabilize the foreign exchange market,” a CBN representative said.
The decision has elicited mixed reactions. While some stakeholders believe the measure will promote transparency and discourage malpractices, others argue that genuine cases of delay may face undue hardship without an extension option.
Economic analysts have highlighted the importance of this policy in boosting the country’s foreign exchange reserves, especially as Nigeria seeks to reduce dependency on volatile oil revenues. However, they advise the CBN to provide mechanisms to address legitimate cases where repatriation delays are unavoidable.
Exporters are now urged to expedite the repatriation of proceeds to avoid sanctions, including possible blacklisting from the CBN’s authorized dealer list. The apex bank’s move aligns with its broader strategy to promote non-oil exports and support the naira.
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