The Central Bank of Nigeria issued a circular instructing authorised dealers that it will no longer approve requests to extend the deadline for repatriation of export proceeds on behalf of exporters. Under the existing rules referenced in the Foreign Exchange Manual (Revised Edition, March 2018), proceeds of non-oil exports must be repatriated and credited to exporters’ export proceeds domiciliary accounts within 180 days from the bill of lading date, while oil and gas export proceeds must be repatriated within 90 days. Authorised dealer banks are required to draw customers’ attention to the extant regulation and ensure compliance.
Central Bank of Nigeria 2025-01-08
Central Bank of Nigeria stops approving repatriation deadline extensions for export proceeds and reaffirms 180-day and 90-day time limits
The Central Bank of Nigeria announced it will no longer approve deadline extensions for the repatriation of export proceeds by exporters. According to the Foreign Exchange Manual, non-oil export proceeds must be repatriated within 180 days and oil and gas proceeds within 90 days. Authorised dealer banks must ensure compliance with these regulations.