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Central Bank of Nigeria suspends extension of repatriation of export proceeds for Oil and Non-Oil exports on behalf exporters

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Central Bank of Nigeria-CBN
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FRI JAN 10 2025-theGBJournal| The Central Bank of Nigeria (CBN) has said it will no longer approve requests for extension of repatriation of export proceeds for oil and non-oil exports by Authorized Dealers of their customers.

The CBN said said the suspension is takes effect from the date of the circular which it issued on January 8, 2025.

The apex bank emphasized that 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 and Gas exports respectively.

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