Abuja - The Central Bank of Nigeria (CBN) on Thursday ordered importers to repatriate their dollar earnings within 180 days or risk suspension from all segments of the foreign exchange market, Punch reports.
In a circular issued on Thursday by the Director, Trade and Exchange Department, Olakanmi Gbadamosi, the CBN asked all authorised dealers to ensure strict compliance.
Also read: CBN gives 10 power firms N39.5bn loan
Proceeds of oil and non-oil exports are to be repatriated into the export proceeds domiciliary accounts of their respective exporters’ accounts within 90 days for oil exports and 180 days for non-oil experts, failing which the collecting bank will be liable to a fine of 10 per cent of the FOB value of the transaction, including other appropriate penalties as provided in the BOFIA 1991, as amended, the circular stated.
Read more at Punch
- News 24