CBN approves CFA for repatriation of export proceeds

The Central Bank of Nigeria (CBN) has approved the CFA franc to be captured on Nigeria export proceeds (NXP) form for the repatriation of export proceeds.

Nonye Ayeni, executive director of the Nigeria Export Promotion Council (NEPC), spoke on Friday while addressing newsmen on the non-oil export performance for 2024 in Abuja.

Nigeria’s export proceeds are the money received by Nigerian exporters for goods sold outside of the country.

Ayeni said the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross-border trading.

According to the executive director, CFA Franc 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,” she said.

“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.”

Ayeni also explained that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.

She said the council distributed sesame, hibiscus and farm inputs in the north, cashew in the west and palm seedlings in the east, as part of efforts to enhance the capacity of farmers, and processors and increase production capacity of the farmers.

The executive director said the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.

According to her, the council commenced the certification of 400 small and medium-sized enterprise (SME) exporters.

“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process,” she said.

“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.”

Ayeni said the scheme is designed to help SMEs obtain international certification, allowing them to access niche markets.

She also mentioned that the council, through its regional and state offices, has begun integrating informal border trade into the formal system.

The executive director said the initiative will boost foreign exchange earnings and improve the country’s export data collection.