In this edition, we discuss important updates issued by key regulators in the financial services sector.
This month, the Central Bank of Nigeria (the “CBN”) issued several guidelines in respect of the foreign exchange, investment, and international trade markets.
We take a cursory look at the key points from these regulations and their impact on the relevant stakeholders.
Suspension of Extension of Export Proceeds on Behalf of Exporters
Effective 8 January, 2025, the CBN will no longer approve requests for the extension of the repatriation of export proceeds by Authorised Dealers, on behalf of their customers.
As such, in line with the Foreign Exchange Manual 2018, the proceeds from non-oil and oil and gas exports, must be repatriated to the relevant exporter’s Export Proceeds Domiciliary Account within one hundred and eighty (180) and ninety (90) days respectively, from the bill of lading date.
Introduction of The Non-Resident Nigerian Ordinary and Investment Accounts
By a circular dated 10 January 2025, the CBN introduced two accounts for Nigerians abroad, being the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account.
