CBN, Customs, Shippers’ Council To Enforce Unrepatriated Export Proceeds Order
The Central Bank of Nigeria (CBN) has again reiterated its plans to bar exporters who are not repatriating their export proceeds, from taking part in any banking services effective from January 31, 2021.
The apex bank in a circular referenced TED/EXP/CON/NES/01/001 dated 13th January 2021, instructed that all exporters with unrepatriated export proceeds by 31st January 2021 should be barred from accessing all banking services.
Speaking on Tuesday in Abuja during the Monetary Policy Committee meeting of the apex bank, Governor of the Central Bank of Nigeria, Godwin Emefiele stated the bank is working with the Nigeria Customs and the shipping Council to ensure compliance with the unrepatriated export proceeds directive.
“Any situation where people want to conduct export activities without filling NXPs, we have held several engagements with the Nigeria customs, with the shipping lines and they have committed that no export will be done without completing NXPs.
He added that because “National Export Proceeds (NXP) is the only way we can regulate the volume of export activities taking place in the country, through NXPs we will know those who have repatriated or not repatriated their proceeds into the country. And we have come back, we have been begging those who have exported to repatriate their export proceeds, the central bank will not tolerate it that you conduct an export activity and you keep dollars abroad.
According to Emefiele, the CBN has the power to enforce compliance, adding that violators would face stiff penalties.
“It is by law, mandatory that you must repatriate those proceeds into Nigeria and if you refuse to, the CBN has the power by law to prevent you from conducting banking activities in the Nigeria banking industry and we will do so.
“You have a target of January 31 to comply because we cannot all be calling on the CBN where is the dollar? To conduct your import operations and at the same time, there is a law that states that if you conduct an import activity you must repatriate the dollar home for others who want to import to conduct their import activity and what you choose to do is to keep your dollar abroad we will not allow that.
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