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CBN issues guidelines to exporters

by Business News Report

The Central Bank of Nigeria, CBN, has made the first major move to save exporters from being banned from foreign exchange dealings.
In this wise, authorised dealers have been directed to ensure compliance with CBN guidelines on commercial firms which investigations have shown most dealers have been over-looking.
In a directive to all authorised dealers, the apex bank reminded them that the regulations governing commercial exports from Nigeria as provided in Section 20 of the SEM decree are still in force.
According to the directive export proceeds must be within 90 days from the date of shipment of the relative goods. The Central Bank further said that the collecting and negotiating an bank in Nigeria must certify and return the relevant NCB forms to it CBN as soon as proceeds are received.
The CBN also said in the directive that each exporter must maintain an account designated Domiciliary Account Export Proceeds, into which export proceeds will be credited. Such accounts the CBN further said must be funded only by non-oil export proceeds and operated absolutely from funds from other sources.

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