The Central Bank of Nigeria (CBN) has reiterated its resolve to heavily sanction exporters that fail to repatriate their export proceeds within the stipulated days for oil and gas as well as for non-oil exports.
Specifically, it stressed that 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 the foreign exchange market.
The central bank gave the warning in a circular titled: “Re: Repatriation of Export Proceeds (Oil and Non-oil),” signed by its Director, Trade and Exchange Department, Mr. W.D. Wotring, a copy of which was posted on its website at the weekend. The three-paragraph circular explained: “Further to the provisions of the circular Reference: TED/FEM/FPC/GEN/01/005 of February 19, 2015, on the above subject, exporters are hereby reminded that failure to repatriate their exports proceeds within the stipulated 90 days for oil and gas and 180 days for non-oil exports constitute a breach of the extant regulation.