Cbn Halts Export Proceeds Repatriation Extension

The Central Bank of Nigeria CBN has declared that it will no longer grant extensions for exporters to repatriate their export earnings.

This regulation goes into effect immediately after it was released in a circular on January 8, 2025.

Transactions involving the export of both oil and non-oil are suspended.

The decision is intended to compel adherence to current foreign exchange laws, according to the apex bank.

The judgement was based on rules of the Foreign Exchange Manual Revised Edition, March 2018, which were detailed in the circular signed by W.J. Kanya, the acting director of the CBNs Trade Exchange Department.