{"id":35747,"date":"2021-01-25T21:11:59","date_gmt":"2021-01-25T21:11:59","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/?p=35747"},"modified":"2021-01-25T16:29:17","modified_gmt":"2021-01-25T16:29:17","slug":"cbn-to-bar-exporters-with-un-repatriated-proceeds-from-banking-services","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-to-bar-exporters-with-un-repatriated-proceeds-from-banking-services","title":{"rendered":"CBN to bar exporters with un-repatriated proceeds from banking services"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>The Central Bank of Nigeria (CBN) has directed banks in the country to stop Nigerian exporters who are yet to repatriate their export proceeds effective from January 31, 2021.<\/p>\n

The move is to help cut down access to foreign exchange through the black market as a defense for the Naira.<\/p>\n

The apex bank issued this directive in a circular sent to banks in the country.<\/p>\n

The apex bank has a standing policy that instructs exporters to repatriate exports within 90 days for oil and gas and 180 days for non-oil exports.<\/p>\n

Affected exporters are expected to comply with this directive before the specified date. Some banks have already issued a statement directing exporters to comply with the directive.<\/p>\n

In August 2020, CBN had instructed banks to submit the names, addresses and bank verification numbers (BVN) of exporters that have defaulted in repatriating their export proceeds, for further action.<\/p>\n

The global decline of crude oil prices coupled with the economic impact of the COVID-19 pandemic led to the scarcity of foreign exchange in Nigeria.<\/p>\n

This resulted in a significant difference between the official exchange rate and the parallel market rate.<\/p>\n

It added that the differential of about 25 percent has induced exporters to divert forex earnings to unofficial channels.<\/p>\n

Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Central Bank of Nigeria (CBN) has directed banks in the country to stop Nigerian exporters who are yet to repatriate their export proceeds effective from January 31, 2021. The move is to help cut down access to foreign exchange through the black market as a defense for the Naira. The apex […]<\/p>\n","protected":false},"author":84,"featured_media":35746,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,2659,503,254],"class_list":["post-35747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-banking-services","tag-cbn","tag-nigeria"],"yoast_head":"\nCBN to bar exporters with un-repatriated proceeds from banking services - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN) has directed banks in the country to stop Nigerian exporters who are yet to repatriate ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-to-bar-exporters-with-un-repatriated-proceeds-from-banking-services\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN to bar exporters with un-repatriated proceeds from banking services\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) has directed banks in the country to stop Nigerian exporters who are yet to repatriate ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-to-bar-exporters-with-un-repatriated-proceeds-from-banking-services\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-25T21:11:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-600ef1baf2365.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"377\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-to-bar-exporters-with-un-repatriated-proceeds-from-banking-services#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-to-bar-exporters-with-un-repatriated-proceeds-from-banking-services\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CBN to bar exporters with un-repatriated proceeds from banking services\",\"datePublished\":\"2021-01-25T21:11:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-to-bar-exporters-with-un-repatriated-proceeds-from-banking-services\"},\"wordCount\":216,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-to-bar-exporters-with-un-repatriated-proceeds-from-banking-services#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-600ef1baf2365.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"banking services\",\"CBN\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-to-bar-exporters-with-un-repatriated-proceeds-from-banking-services#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-to-bar-exporters-with-un-repatriated-proceeds-from-banking-services\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-to-bar-exporters-with-un-repatriated-proceeds-from-banking-services\",\"name\":\"CBN to bar exporters with un-repatriated proceeds from banking services - 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