The Central Bank of Nigeria, CBN, has called on Banks to forward the names, addresses and Bank Verification Numbers (BVN) of exporters that have defaulted in repatriating their foreign exchange proceeds. The Apex bank in a release on tuesday threatened to impose heavy sanctions on such exporters
In a statement on Tuesday entitled ‘CBN goes tough on exporters over forex non-repatriation,’ it said this was part of its effort to increase foreign exchange liquidity in the country.
The statement signed by the bank’s Director of Trade and Exchange, Dr Ozoemena Nnaji, explained that the directive was aimed at ensuring prudent use of Nigeria’s forex 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.
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.
The CBN said 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.
According to the statement, analysts said that a number of punitive options were open to the CBN, including, but not limited to, barring the exporters from the foreign exchange market and other banking services.
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