As part of the efforts to increase foreign exchange liquidity in Nigeria, the Central Bank of Nigeria (CBN), has asked all non-oil exporters to process dollar proceeds, through lenders.
This is as CBN said that exporters who fail to remit dollar proceeds, through the lenders will be denied access to official markets.
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The statement, which was signed by the Director of Trade and Exchange, Dr. Ozoemena Nnaji, 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.
The CBN has previously warned, that exporters conducting export activity against diverting foreign exchange from the export proceeds, instead of repatriating the same home.
