Still on the Economy,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, take  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.

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

With effect from the date of this circular, the Central Bank of Nigeria will no longer approve requests for extension of repatriation of export proceeds by Authorized Dealers on behalf of their customers.