CBN to Blacklist Exporters for Non-repatriation of Proceeds

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  • CBN to Blacklist Exporters for Non-repatriation of Proceeds

The Central Bank of Nigeria on Thursday expressed concerns over the non-remittance of export proceeds by exporting firms.

As a result, the apex bank said it was set to blacklist a number of exporters who had failed to repatriate the proceeds of their exports.

The Director, Banking Supervision, CBN, Ahmad Abdullahi, made this disclosure at a press briefing held after the Bankers’ Committee meeting at the CBN office in Lagos.

“In line with the Foreign Exchange Manual, exporters are mandated to repatriate the proceeds of their exports. Unfortunately, some exporters are not doing this. So, the issue was discussed at the meeting today, and it was resolved that they should be sanctioned by way of blacklisting them. This means such exporters won’t have access again,” the CBN director said.

Abdullahi added that the Bankers’ Committee also discussed the fragile growth of 0.55 per cent that the economy recorded in the second quarter.

He said although it was a positive growth that took the country out of recession, the committee resolved to purse a number of schemes and initiatives that would enhance economic growth.

He noted that the CBN had recorded stability in the foreign exchange market, moderation in inflation and Gross Domestic Product growth.

According to him, there is a need for further hard work to achieve robust growth.

The Chief Executive Officer, Union Bank of Nigeria Plc, Mr. Emekwa Emuwa, said the committee had resolved to carry out an enlightenment campaign to educate customers about the antics of fraudsters.

He noted that as the year was coming to an end, the activities of fraudsters would be on the increase, and there was a need to educate customers to avoid falling prey.

Emuwa also stated that the committee discussed the National Collateral Registry that had taken off, saying it would help the Small and Medium-scale Enterprises to access credit.

The Managing Director, Unity Bank Plc, Mrs. Tomi Somefun, said the framework for the disbursement of the N26bn MSME Agric Fund would soon be ready, adding that this would help to enhance economic growth.

She also stated that the committee was coming up with other initiatives, including an export incentive scheme that would enhance forex supply.

The Managing Director, FBN Merchant Bank, Mr. Kayode Akinkugbe, said the bold initiatives taken by the CBN had helped to improve liquidity in the forex market.

This, he said, had helped to increase confidence in the forex market.

“The CBN has been doing a great work and we believe we can only improve on this,” he added.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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