EXPORTERS MUST REPATRIATE THEIR PROCEEDS-CBN

The central Bank of Nigeria (CBN) says that exporters must repatriate their earnings into their domiciliary accounts within a stipulated period of 90 days for oil and 180 days for non- oil and those who fail will be barred from foreign exchange market.

The director, Trade and Exchange Department, Mr. Olakanmi Gbadamosi in a circular issued on thursday asked all authorised dealers to ensure strict compliance.

Proceeds of oil and non oil exports are expected to be repatriated into their respective export proceeds dormiciliary account.

The collecting banks who fail will be liable to a fine of  10 percent of the (Freight on Board) FOB value of the transactions including other penalities as provided in BOFID act 1991 as ammended.

Photo is CBN Governor,  Godwin Emefiele