The Central Bank of Nigeria (CBN) has suspended approvals for the extension of export proceeds repatriation. This is a move aimed at enforcing compliance with existing foreign exchange (forex) regulations.

This directive, which came through a circular dated January 8, 2025, applies to both oil and non-oil export transactions.

The circular, signed by W.J. Kanya, Acting Director of the CBN’s Trade and Exchange Department, pointed to the Foreign Exchange Manual (Revised Edition, March 2018), specifically Memorandum 10A (23a) and Memorandum 10B (20a), as the legal basis for this decision.

According to the CBN, exporters must strictly adhere to the timelines for repatriating export proceeds: 180 days from the bill of lading date for non-oil exports and 90 days for oil and gas exports. The apex bank insisted that these timelines are non-negotiable.

“With effect from the date of this circular, the Central Bank of Nigeria will no longer approve requests for the extension of repatriation of export proceeds by authorized dealers on behalf of their customers. For the avoidance of doubt, proceeds of oil and non-oil exports are to be repatriated and credited into the exporters’ export proceeds domiciliary accounts within 180 days and 90 days from the bill of lading date for Non-Oil and Oil and Gas exports, respectively,” the circular stated.

This policy places stricter obligations on exporters and their authorized dealer banks to ensure compliance with repatriation rules. Banks are required to inform their clients of these updated regulations and enforce adherence.

The CBN also warned that non-compliance could result in penalties or other regulatory actions. This measure aligns with the apex bank’s broader efforts to enhance foreign exchange inflows and strengthen Nigeria’s external reserves.

The CBN’s latest policy is a follow up to the earlier initiatives intended to improve foreign exchange management. In 2024, the apex bank implemented measures affecting international oil companies IOCs operating in Nigeria.