Forex non-repatriation: CBN orders banks to submit details of default exporters.

Forex non-repatriation: CBN orders banks to submit details of default exporters.

Central Bank of Nigeria (CBN) has directed banks to submit the names, addresses and Bank Verification Numbers (BVN) of exporters that have defaulted in repatriating their exports proceeds.

The Governor, Godwin Emefiele, issued the order during the bi-monthly virtual meeting of the Bankers’ Committee on Tuesday.

CBN is seeking to increase foreign exchange liquidity.

The directive followed Monday’s announcement of the abolition of third-party “Form M” payment.

Director of Trade and Exchange, Dr Ozoemena Nnaji, in a circular, said it would ensure prudent use of Nigeria’s foreign exchange resources and the elimination of incidences of over-invoicing.

It will also address transfer pricing, double handling charges and avoidable costs that are ultimately passed to the average Nigerian consumer.

The bank’s move will tackle over-invoicing, which some businesses used to divert foreign exchange, through the opening of “Forms M” for which payment were routed through a buying company, agent, or other third parties.

The CBN, in its explanation, referred to its Foreign Exchange Manual which provided that all exporters should repatriate export proceeds to Nigeria to support the local currency and boost the economy.


What do you think about this news update?

We want to hear from you all about this post.

Drop your comments let us see below thanks.


  1. #BBNaija Lockdown: Four Things To Look Forward To This Season – NEWS UPDATE HERE
  2. JUST IN!!! President Buhari’s Aide Attacks Dino Melaye For Sharing Video Of Nigerians Struggling For Rice – NEWS UPDATE HERE
  3. Most Traveled President Buhari Set To Visit Mali On Thursday – NEWS UPDATE HERE
  4. Buhari React As Former President, Goodluck Jonathan Gives Report On Political Situation Affecting The Country – NEWS UPDATE HERE
  5. Good News! Lagos Discharges Seven Coronavirus Patients – NEWS UPDATE HERE
  6. Coronavirus: 19 Nigerian Doctors Quarantined In Southwest – NEWS UPDATE HERE
  7. [Sports] La Liga!! Lionel Messi Scores As Barcelona Beat Athletic Bilbao 2-0 To Stay Unbeaten In The League – NEWS UPDATE HERE
  8. #BBNaija’s Tacha Ends Management Relationship With Tee Billz (@Symply_Tacha) – NEWS UPDATE HERE
  9. 850 Refinery Workers Having Been Sacked By NNPC – NUPENG Says – NEWS UPDATE HERE
  10. #COVID-19 Pandemic `Will Probably Get Worse’ — Trump – NEWS UPDATE HERE
  11. Man Was Seen Having Sex In Highlander At Night & His Car Was Snatched (Photos) – NEWS UPDATE HERE
  12. Coronavirus Committee Quarantines 99 Aid Worker’s Contacts In Borno – NEWS UPDATE HERE
  13. PLEASE HELP ME!! As She Was Forcefully Detained And Back Up With Fake COVID-19 Report – Woman Seek Help (VIDEO) – NEWS UPDATE HERE
  14. Child Deaths In Nigeria Over Malaria Has Decline By 16% In 10 Years – NEWS UPDATE HERE
  15. Nasarawa Deputy Governor Probed Over COVID-19 Fund (Read Details) – NEWS UPDATE HERE

Leave a Reply