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

This directive which was issued through a circular dated January 8, 2025, take immediate effect.

The suspension applies to both oil and non-oil export transactions.

According to the apex bank, the move aims to enforce compliance with existing foreign exchange regulations.

The circular signed by the acting Director of the CBN’s Trade & Exchange Department, W.J. Kanya, outlined provisions in the Foreign Exchange Manual (Revised Edition, March 2018) as the basis for the decision.

These provisions include Memorandum 10A (23a) and Memorandum 10B (20a).

“With effect from the date of this circular, the Central Bank of Nigeria will no longer approve requests for 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 & Gas exports, respectively,” the circular said.