• Friday, May 24, 2024
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Again, CBN threaten to bar erring exporters for non-repatriation of proceeds

Exporters’ Group demands N70bn grant payment as shortfalls accumulate since 2017

The Central Bank of Nigeria (CBN) again threatened to bar erring exporters in oil and non-oil segments from accessing all banking services including access to foreign exchange market, for non-repatriation of export proceeds.

In circular to all authorised dealers and the general public, signed by Gotring W. D, director, trade and exchange department, the CBN reminded exporters that failure to repatriate their export proceeds within the stipulated 90 days for oil and gas and 180 day for non-oil export constitute a breach of the extant regulation.

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Consequently, part of the circular reads: “any exporter that defaults in the repatriation of export proceeds within the stipulated period shall be barred from accessing all banking services including access to foreign exchange market”.

The CBN and the Bankers Committee had taken a resolve to sanction erring exporters by blacklisting them for non-repatriation of proceeds.

 

HOPE MOSES-ASHIKE