The Central Bank of Nigeria (CBN) has announced the suspension of approvals for the extension of export proceeds repatriation on behalf of exporters.

This directive, which was issued through a circular dated January 8, 2025, takes immediate effect.

The suspension applies to both oil and non-oil export transactions.

According to the apex bank, the move aims to enforce compliance with existing foreign exchange regulations.

The circular signed by the acting Director of the CBN’s Trade & Exchange Department, W.J. Kanya, outlined provisions in the Foreign Exchange Manual (Revised Edition, March 2018) as the basis for the decision.

These provisions include Memorandum 10A (23a) and Memorandum 10B (20a).