The Central Bank of Nigeria (CBN) will bar exporters who fail to repatriate export proceeds from accessing banking services beginning January 31, 2021.
The apex bank made the announcement via a circular it sent to commercial banks through it trade and investment department titled Re: Non-repatriation of Export Proceeds by Exporters and dated January 13 with reference TED/EXP/CON/NES/01/001.
“We write to inform you that after reviewing responses received at the expiration of the grace on 31 October 2020, an additional grace period has been approved extending the deadline to 31 January 2021,” the circular read in part.
Consequently, commercial banks have started to issue letters to exporters citing the CBN’s new circular stating that it will bar exporters who do not repatriate from accessing banking services.
“Please be informed that the Central Bank of Nigeria (CBN) through its circular referenced TED/EXP/CON/NES/01/001 dated 13th January 2021 has instructed that all exporters with un-repatriated export proceeds before 31st January 2021 should be barred from accessing all banking services,” stated a letter from one of the commercial banks dated January 22 made available to thisislagos.ng.
The bank explained further that all customers with unrepatriated export proceeds are therefore required to comply with this directive before the specified date.