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The Nigeria Export Promotion Council, NEPC, has confirmed that the Central Bank of Nigeria, CBN, has approved CFA Franc to be captured on Nigeria Export Proceeds, NXP, forms for the repatriation of export proceeds.
Mrs. Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024 in Abuja on Friday.
Ayeni said that the council had earlier engaged the CBN on the inclusion of the CFA Franc to boost trading.
She said that the currency was one of the currencies to be received as export proceeds by the bankers.
“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.
“We will be working with CBN and the banks to ensure full implementation.
“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.
She also highlighted other efforts by the agency to facilitate exports, including certification of 400 small and medium-sized enterprise (SME) exporters.
The Central Bank of Nigeria (CBN) announced yesterday that it had imposed fines totaling N1.35 billion on nine commercial banks for failing to ensure the availability of Naira notes through their automated teller machines (ATMs) during the festive season.
This action, according to the apex bank, was part of efforts to address widespread complaints from the public over cash shortages at a critical time of the year.
The Central Bank of Nigeria (CBN) explained that the fines were levied on the banks as part of its firm stance against any disruption in cash flow. The apex bank emphasized its commitment to maintaining financial stability and ensuring uninterrupted access to currency, particularly during peak periods when the demand for cash is heightened.
The CBN imposed a N150 million fine on each of the banks for non-compliance with its cash distribution rules, which were carefully monitored through spot inspections across their branches.