The ongoing conflict between
stakeholders and the Central Bank of Nigeria over the export
repatriation policy, which came into force in February 2015, has forced
some non-oil exporters to abandon the sector, while others have gone
underground to carry out informal exports, our correspondent has
gathered.
The CBN had in a circular signed by its
Director, Trade and Exchange Department, Olakanmi Gbadamosi, on February
19, 2015, mandated all authorised dealers to repatriate the proceeds of
oil and non-oil exports into the export proceeds domiciliary accounts
of the respective exporters.
The circular stipulated 90 days for the repatriation of the oil export proceeds and 180 days for non-oil export proceeds.
