The Central Bank of Nigeria (CBN) has directed exporters to ensure that proceeds of oil and non-oil exports are repatriated into Exports Proceed Domiciliary Accounts of their respective exporters’ accounts within 90 days of all exports and 180 days for non-oil.
A statement from the Director Trade and Exchange Department, CBN, Olakanmi Gbadamosi, said pursuant to the provisions of Paragraph 40, Memerandum 11 of the Foreign Exchange Manual, in respect of the repatriation of export proceeds, all authorised dealers are requested to note that, proceeds of oil and non-oil exports are to be repatriated into the Exports 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 bank will be liable to a fine of 10% of the FOB value of the transaction, including other appropriate penalties as provided in the BOFIA Act of 19991, as amended.
The statement further stated that where an exporter fails to repatriate the proceeds into the domiciliary accounts within the stipulated period, the exporter will be barred from participating in all the segments of the foreign exchange market in Nigeria.
