NEWS FLASH: CBN Approves CFA Franc for Repatriation of Export Proceeds
NEWS FLASH: CBN Approves CFA Franc for Repatriation of Export Proceed
Abuja, Nigeria – In a significant policy shift, the Central Bank of Nigeria (CBN) has officially approved the inclusion of the CFA franc on the Nigeria Export Proceeds (NXP) form, allowing exporters to repatriate earnings in the widely used West African currency.
The announcement was made by Nonye Ayeni, Executive Director of the Nigeria Export Promotion Council (NEPC), during a media briefing in Abuja on Nigeria’s non-oil export performance for 2024. She described the move as a “remarkable breakthrough” for the export sector, particularly in facilitating cross-border trade.
“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds,” Ayeni stated.
The NEPC, in collaboration with the CBN and financial institutions, will oversee the full implementation of this policy to streamline currency exchange processes for exporters.
Boosting Nigeria’s Non-Oil Export Sector
Beyond the currency approval, Ayeni highlighted key NEPC initiatives aimed at strengthening Nigeria’s non-oil exports. The council has distributed hybrid seedlings and farm inputs to over 1,200 farmers nationwide, enhancing the production of sesame, hibiscus, and cashew in various regions.
Additionally, under the “Go Global, Go for Certification” campaign, the NEPC has facilitated international certification for 400 small and medium-sized enterprises (SMEs), with the total number of beneficiaries projected to reach 855 SMEs by 2025.
The council is also formalizing informal border trade, a strategic move expected to increase foreign exchange earnings and improve Nigeria’s export data accuracy.
This landmark decision by the CBN signals a progressive step for Nigerian exporters, reinforcing the nation’s commitment to a robust, globally competitive non-oil export sector.