CBN Imposes New Repatriation Rules for Exporters Amid FX Compliance Push

The Central Bank of Nigeria (CBN) has announced an overhaul of its export proceeds repatriation policy and mandated compliance to support the nation’s foreign exchange stability.

This policy, effective immediately, eliminates the approval of extensions previously granted to exporters through their authorised dealer banks.

This was disclosed in a circular dated January 8, 2025 and signed by Dr. W.J. Kanya, the acting Director of the Trade & Exchange Department.

The proceeds from non-oil exports must be repatriated within 180 days of the bill of lading date while oil and gas proceeds must be within 90 days.

“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 authorised 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.

The new policy will now form part of the Central Bank of Nigeria’s broader strategy to enhance foreign exchange regulations and address liquidity challenges in the Nigerian economy.

With these changes, the CBN can expedite forex inflows, bolster the nation’s reserves and mitigate speculative activities. Authorised dealer banks are now mandated to ensure full compliance by their clients with the updated requirements.