The Central Bank of Nigeria recently issued a new directive that any Nigerian exporters who refuse to repatriate its export proceeds will be barred from all banking services from January 31st 2021.
According to Central Bank spokesman, Osita Nwanisobi text message on Saturday, “Proceeds for oil is to be repatriated within 90 days and non-oil within 180 days.”
The measures are part of an effort to defend the country’s currency by targeting importers and exporters with tougher regulations. That’s after a plunge in oil prices and the coronavirus pandemic led to dollar shortages in Africa’s largest crude producer resulting in a widespread between the official exchange rate and the parallel market. The differential of about 25% has created an incentive for exporters to divert forex income to unofficial channels.
CBN has lost control of proceeds from most exporters who have registered overseas accounts but instructed its Abuja-based regulator to report exporters that fail to repatriate income earned abroad.
