The Central Bank of Nigeria (CBN) has suspended approvals for the extension of export proceeds repatriation.

The apex bank said the fresh directive applies to oil and non-oil export transactions.

A circular ‘Suspension of Extension of Export Proceeds on Behalf of Exporters’, signed by the acting Director of the Trade and Exchange department of the CBN, Dr W.J. Kanya, pointed at the provisions of Memorandum 10A (23a) and Memorandum 10B (20a) of the Foreign Exchange Manual (Revised Edition, March 2018) as the basis for the new policy change.

The apex bank disclosed that effective, Wednesday, January 8, 2025, it will no longer approve requests by authorized dealer banks to extend the timeframe for the repatriation of export proceeds on behalf of their customers.

The new circular stipulates that for non-oil exports, proceeds must be repatriated and credited to the exporters’ domiciliary accounts within 180 days from the bill of lading date.

The timeframe for oil and gas exports is 90 days from the bill of lading date.

The apex bank declared that the new timelines are non-negotiable, and exporters must strictly adhere to them.

Exporters and authorised dealer banks are now under pressure to ensure compliance with the stipulated timelines.

Also, authorized dealer banks have been directed to notify their customers of this development and ensure adherence to the existing regulations.

The CBN further added that failure to comply could attract penalties or other regulatory actions.