The Central Bank of Nigeria (CBN) recently issued a circular on 8th January, 2025 (the “circular”), announcing the immediate suspension of approvals for extending the timeline for repatriating export proceeds. Consequently, the CBN will no longer approve requests by authorized dealers on behalf of their customers to extend the timeframe for the repatriation of export proceeds. The directive equally mandates proceeds from non-oil exports and oil exports to be repatriated and credited into the exporters’ domiciliary account within 180 days and 90 days respectively from the date on the Bill of Lading.
AN EXPLANATORY NOTE ON THE CBN’S SUSPENSION OF TIME EXTENSION FOR THE REPATRIATION OF EXPORT PROCEEDS
by Stren & Blan Partners | Feb 4, 2025 | Insight | 0 comments
