The Central Bank of Nigeria (CBN) has announced the suspension of requests for the extension of export proceeds repatriation on behalf of exporters, in a move aimed at ensuring stricter compliance with foreign exchange regulations.
In a circular dated 8 January, signed by the acting Director of the CBN’s Trade & Exchange Department, W.J. Kanya, the apex bank stated that it would no longer approve any such requests from authorised dealers acting on behalf of their customers.
The directive applies to both oil and non-oil export proceeds, according to the CBN’s Trade and Exchange Department.
