This directive, which came through a circular dated January 8, 2025, applies to oil and non-oil export transactions and takes immediate effect.

The circular, signed by the acting Director of the CBN’s Trade and Exchange Department, W.J. Kanya, pointed to the Foreign Exchange Manual (Revised Edition, March 2018), specifically Memorandum 10A (23a) and Memorandum 10B (20a), as the legal basis for this decision.

According to the apex bank, the move aims to enforce compliance with existing foreign exchange regulations.

These provisions include Memorandum 10A (23a) and Memorandum 10B (20a).

The circular added: “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 Authorized 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.”