The Central Bank of Nigeria (CBN) has given a directive suspending all approvals for extension, and mandating all export proceeds repatriations to be done within a given timeline.

The new directive states that the export proceeds from oil and non-oil export transactions must be repatriated within the stipulated timeline, because there is no room for timeline extension.

This new move starts immediately and will enforce compliance with existing FOREX regulations.

According to the apex bank, it would no longer approve applications for timeline extensions requested by banks on behalf of the exporters.

The circular, signed by the acting Director of CBN’s Trade & Exchange Department, Dr W.J. Kanya, was released this week.

It showed the Foreign Exchange Manual (Revised Edition, March 2018) as the basis of operations going forward.

Based on the provisions in Memorandum 10A (23a) and Memorandum 10B (20a), exporters would have to repatriate the proceeds from non-oil exports within 180 days and from oil and gas exports within 90 days from the bill of lading date.

The CBN said it would no longer approve applications for timeline extensions requested by banks on behalf of the exporters, as the stipulated timelines are negotiable.

“With effect from the date of this circular, the Central Bank of Nigeria will no longer approve requests for extension of repatriation of export proceeds by authorized dealers on behalf of their customers.

“For the avoidance of doubt, proceeds of oil and non-oil exports are to be repatriated and credited into the exporters’ export proceeds domiciliary accounts within 180 days and 90 days from the bill of lading date for non-oil and oil & gas exports respectively,” the circular reads.