Modupe Gbadeyanka
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has threatened to wield its big stick on any exporter who fails to repatriate their exports proceeds within the stipulated periods.
On February 19, 2015, the apex bank issued a circular stating that exporters in the oil and gas industry have 90 days to repatriate their exports proceeds, while those in the non-oil sector were given 180 days to repatriate their exports proceeds to the appropriate authorities.
In a circular dated October 26, 2017, and signed by the CBN’s Director in charge of Trade and Exchange Department, Mr Wuritka Dauda Gotring, the apex bank said if any exporter fails to adhere to rules, he/she would “barred from accessing all banking services including access to the foreign exchange market.
“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 & Gas and 180 days for Non-Oil Exports constitute a breach of the extant regulation.
“Consequently, 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.
“Please note and ensure compliance accordingly,” the circular signed by Mr Gotring warned.
