Following a recent directive by the Central Bank of Nigeria CBN, many commercial banks and other related financial institutions associated with export handling and financing have announced their immediate withdrawal from seeking extension on the repatriation of export proceeds on behalf of exporters.
Recall that the apex bank had recently issued a circular entitled: “Suspension of Extension of Repatriation of Export Proceeds on Behalf of Exporters”, had directed the banks with effect from January 8, 2025, suspended extensions for repatriation of export proceeds.
According to a memo circulated by one of the commercial banks and cited by our Correspondent, the bank will no longer be able to request for extension of repatriation of export proceeds on behalf of the exporter.
The memo reads in part: “All oil export proceeds are expected to be credited into your export domiciliary account 90 days from the date on the bill of lading (no extension allowed).
“All non-oil export proceeds are expected to be credited into your export domiciliary account 180 days from the date on the bill of lading (no extension allowed).
“This directive took effect from January 8, 2025. Clients with outstanding export proceeds should make arrangements to remit proceeds to avoid breach of this regulation.”
