Nigeria Incorporates Cfa Franc In Export Proceeds Scheme

The Central Bank of Nigeria CBN has approved the inclusion of the CFA Franc in the Nigeria Export Proceed NXP forms, a move that streamlines the repatriation of export proceeds.

This announcement was made by the Executive Director of the Nigeria Export Promotion Council NEPC, Mrs. Nonye Ayeni, during a briefing on Nigeria's non-oil export performance for 2024 in Abuja on Friday. Ayeni noted that the decision followed extensive discussions between the NEPC and the CBN, as the CFA Franc is a dominant currency in cross-border trading.

Ayeni expressed her delight at the approval, stating that the CFA Franc would now be accepted by banks as part of export proceeds for repatriation.

"I am delighted to inform you that we have concluded on some and the balance is currently undergoing the certification process. At the end of the exercise, a total of 855 SMEs will have benefitted from the scheme between the years 2022 and 2025, she said.

This move is expected to facilitate smoother transactions in cross-border trade, particularly with countries that predominantly use the CFA Franc, such as those in West Africa.