CBN says exporters must repatriate earnings

The Central Bank of Nigeria has said exporters who fail to repatriate their earnings into their domiciliary accounts within the stipulated period will be barred from the foreign exchange market.

In a circular issued on Thursday by the Director, Trade and Exchange Department, Mr. Olakanmi Gbadamosi, the CBN asked all authorised dealers to ensure strict compliance, citing the provisions of Paragraph (4) Memorandum (11) of the Foreign Exchange Manual in respect of the repatriation of export proceeds.

It stated, “Proceeds of oil and non-oil exports are to be repatriated into the export proceeds domiciliary accounts of their respective exporters’ accounts within 90 days for oil exports and 180 days for non-oil exports, failing which the collecting banks will be liable to a fine of 10 per cent of the FOB value of the transaction, including other appropriate penalties as provided in the BOFIA Act of 1991, as amended.

“Where an exporter fails to repatriate the proceeds into the domiciliary account within the stipulated period, the exporter will be barred from participating in all the segments of the foreign exchange market in Nigeria.

“Please be guided accordingly and ensure strict compliance,” the CBN said.

 

[Punch]

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