• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

  • Fact-Check
  • Economy
    • Trade Facilitation: Nigeria Customs, NACCIMA Strengthen Partnership

      Economic Confidential to Host 3rd Public Lecture, Unveil Books on Nigeria’s…

      Luanda Summit: AUDA-NEPAD Taps AI, Green Bonds as it Launches Marketplace…

      Tinubu Jets to Brazil After Japan Summit, Eyes Trade, Security Deals

      Comptroller-General of Customs, Bashir Adewale Adeniyi (MFR), hosted the Executive Chairman of FIRS, Dr. Zacch Adedeji,

      Customs and the “National Single Window” Project

  • National
    • NDLEA Logo

      Drug Kingpin, 5 Others Arrested as NDLEA Moves to Clear Innocent…

      Senator Shehu Buba Condoles with APC National Chairman over Mother’s Death

      Customs College Graduates 50 Officers, Urges Innovation, Discipline

      Police Repatriate Wanted Chinese Fugitive

      Prof ibrahim gambari Chief of Staff

      Reciprocity, Key to Global Relations, Says Ex-Minister Gambari

    • Government
      • African Security: Nigeria Leads from the Front By Edward Gabkwet

        Senator Shehu Buba Condoles with APC National Chairman over Mother’s Death

        CG Custom Bashir Adewale Adeniyi and Zacch Adedeji

        Is Zacch Adedeji Building Bridges for Nigeria’s Revenue Future? By Yushau…

        ACF

        Arewa Consultative Forum Engages Influencers to Amplify Northern Identity

        FG, States, LGs Share N2.001trn for July, Says FAAC

  • Security
    • Customs, CDCFIB Forge Partnership to Boost National Security

      General Musa Rallies African Defence Chiefs to Build Homegrown Security Solutions

      Army Hands Over Fake Major to Police in Lagos

      African Security: Nigeria Leads from the Front By Edward Gabkwet

      NDLEA Logo

      Drug Kingpin, 5 Others Arrested as NDLEA Moves to Clear Innocent…

  • Features
    • African Security: Nigeria Leads from the Front By Edward Gabkwet

      CG Custom Bashir Adewale Adeniyi and Zacch Adedeji

      Is Zacch Adedeji Building Bridges for Nigeria’s Revenue Future? By Yushau…

      Army soldiers security

      Mattress of Terror: Can Nigeria Ever Be Truly Secure? By Haroon…

      The Arrest of Ansaru Kingpins Mahmud Muhammad Usman aka Abu Bara’a, and Mahmud al-Nigeri aka Mallam Mamuda

      Ribadu and the fall of Ansaru By Senator Iroegbu

      Fixing the Fault Lines in Nigeria’s Culture of Recognition, By Mukhtar…

  • State
    • Army Hands Over Fake Major to Police in Lagos

      NDLEA Logo

      Drug Kingpin, 5 Others Arrested as NDLEA Moves to Clear Innocent…

      Military Troops in Action

      Troops Repel Bandits Attack in Katsina, Rescue Abductees in Kogi

      Police Officer

      Police Repel Bandit Attack, Arrest Child Trafficker, Rescue 11 Victims in…

      AbdulRazaq visits Babanla, other communities as new security deployments boost public…

  • Event
    • Economic Confidential to Host 3rd Public Lecture, Unveil Books on Nigeria’s…

      President Bola Ahmed Tinubu

      His Death is a National Loss, Tinubu Mourns Emir of Zuru

      Umar Lauya

      Umar Lauya Declares Candidacy for NYCN Presidency, Vows to Unite and…

      The Executive Secretary/CEO of the National Sugar Department Council (NSDC), Mr. Kamar Bakrin (L), with the CEO of Legacy Sugar Company, Alh. Abubakar Isa Musa (R), during the signing ceremony.

      NSDC, New Operators Seal Landmark Development Agreements, to Produce 400,000MT of…

      Regional Vice President Western and Central Africa at the World Bank, Mr Ousmane Diagana pays a courtesy visit to Baze University

      World Bank Vice President visits Baze University, Commends Educational Standards, Assures…

    • PR Nigeria Award
  • E-Paper
Home Economy CBN Goes Tough on Exporters Over Forex Non-Repatriation
  • Economy

CBN Goes Tough on Exporters Over Forex Non-Repatriation

By
Prnigeria
-
August 25, 2020
Godwin Emefiele CBN Governor
Godwin Emefiele CBN Governor

CBN Goes Tough on Exporters Over Forex Non-Repatriation
….Emefiele to Meet Multinational Coys CEOs

As part of its effort to increase foreign exchange liquidity in the country, the Central Bank of Nigeria (CBN) has directed all banks in the country to submit the names, addresses and Bank Verification Numbers (BVN) of exporters that have defaulted in repatriating their exports proceeds, for further action.

The directive issued by the CBN Governor, Mr. Godwin Emefiele, on Tuesday, August 25, 2020, during the Bi-monthly virtual meeting of the Bankers’ Committee, comes barely 24 hours after the Bank announced the abolition of third-party “Form M” payment.

The move by the CBN followed the adoption of the strategy to discourage over-invoicing, which some businesses have allegedly used to divert foreign exchange from the country, through the opening of “Forms M” for which payment are routed through a buying company, agent, or other third parties.

The statement signed by the Bank’s Director of Trade and Exchange, Dr. Ozoemena Nnaji, had also explained that the directive was aimed at ensuring prudent use of Nigeria’s foreign exchange resources and the elimination of incidences of over-invoicing, transfer pricing, double handling charges and avoidable costs that are ultimately passed to the average Nigerian consumer.

It will be recalled that the CBN, in the past, had also warned exporters conducting export activity against diverting foreign exchange from the export proceeds, instead of repatriating same home.

Read Also:

  • Customs, CDCFIB Forge Partnership to Boost National Security
  • General Musa Rallies African Defence Chiefs to Build Homegrown Security Solutions
  • Army Hands Over Fake Major to Police in Lagos

The Bank, in collaboration with the Bankers’ Committee, had threatened heavy sanctions against exporters who failed to repatriate foreign exchange proceeds from their international business. The CBN stressed that its Foreign Exchange Manual provided that all exporters should repatriate export proceeds back to the country to support the local currency and boost the economy.

Meanwhile, analysts say that a number of punitive options are open to the CBN, including, but not limited to, barring the exporters from the foreign exchange market and other banking services.

Meanwhile, in another development, Mr. Godwin Emefiele, has disclosed plans to meet the Chief Executives of multinational companies in Nigeria, to discuss the revamp of Nigerian exports.

Mr. Emefiele dropped the hint during the meeting of the Bankers’ Committee, noting that the CBN was ready to encourage the revamp of Nigeria’s export sector through deliberate policies that would boost investment and job creation.

While decrying the situation where many Nigerian produce of export quality were waiting to be tapped, Emefiele said the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, would ensure the facilitation of a reboot of the Nigerian export market.

Alluding to President Muhammadu Buhari’s charge for Nigerians to produce what they eat and eat what they produce, the CBN Governor reiterated that the country had no choice but to diversify its economic base away from heavy reliance on crude oil.

The meeting is expected to come up with a roadmap on how best to revitalize the export sector in order to earn foreign exchange for the country, as well as generate jobs for millions of Nigerians.

It would be recalled that the Emefiele had earlier initiated a campaign tagged ‘Produce, Add Value and Export’ (PAVE), especially for the agricultural produce.

By PRNigeria

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • BVN
  • CBN
  • Ozoemena Nnaji
Previous articleEFCC Docks Husband and Wife for Fraud in Akwa-Ibom
Next articleCOVID-19: CBN, Bankers to Support Airlines, Media
Prnigeria
Prnigeria
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

General Musa Rallies African Defence Chiefs to Build Homegrown Security Solutions

Army Hands Over Fake Major to Police in Lagos

Trade Facilitation: Nigeria Customs, NACCIMA Strengthen Partnership

Senator Shehu Buba Condoles with APC National Chairman over Mother’s Death

Police Repatriate Wanted Chinese Fugitive

Prof ibrahim gambari Chief of Staff

Reciprocity, Key to Global Relations, Says Ex-Minister Gambari

Economic Confidential to Host 3rd Public Lecture, Unveil Books on Nigeria’s Economy

The eliminated terrorists and their weapons

OPHK Troops Neutralize Scores of Terrorists in Borno and Yobe States

Ibrahim Yahaya Dandakata of Arewa Economic Forum

Arewa Economic Forum Chairman Loses Mother

Luanda Summit: AUDA-NEPAD Taps AI, Green Bonds as it Launches Marketplace for Africa’s Infrastructure Push

Flood

Flood Alert: Heavy Rains Threaten 7 Nigerian States this Weekend August 24-24

Police Recover arms from Boko Haram in Borno

Man, 65, arrested for illegal arms deal in Anambra – Police

Recent Posts

  • Customs, CDCFIB Forge Partnership to Boost National Security
  • General Musa Rallies African Defence Chiefs to Build Homegrown Security Solutions
  • Army Hands Over Fake Major to Police in Lagos
  • African Security: Nigeria Leads from the Front By Edward Gabkwet
  • Trade Facilitation: Nigeria Customs, NACCIMA Strengthen Partnership
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Customs, CDCFIB Forge Partnership to Boost National SecurityGeneral Musa Rallies African Defence Chiefs to Build Homegrown Security SolutionsArmy Hands Over Fake Major to Police in LagosAfrican Security: Nigeria Leads from the Front By Edward GabkwetTrade Facilitation: Nigeria Customs, NACCIMA Strengthen PartnershipDrug Kingpin, 5 Others Arrested as NDLEA Moves to Clear Innocent Pilgrims Detained in Saudi Arabia Troops Repel Bandits Attack in Katsina, Rescue Abductees in KogiOver 1,000 Terror Groups Threaten Africa’s Stability - UN EnvoyPolice Repel Bandit Attack, Arrest Child Trafficker, Rescue 11 Victims in BenueAbdulRazaq visits Babanla, other communities as new security deployments boost public safetySenator Shehu Buba Condoles with APC National Chairman over Mother's DeathNDLEA Arrest Widow Using Fake Pregnancy to Traffic Cocaine, Destroy Skunk in Edo, Taraba, Ondo, DeltaCustoms College Graduates 50 Officers, Urges Innovation, DisciplineKano Police Transfer 23 Officers Amid Probe into Alleged Corruption at Sheka DivisionPolice Repatriate Wanted Chinese Fugitive
X whatsapp