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Customers of First Bank of Nigeria have been notified of a new directive from the Central Bank of Nigeria (CBN).
With effect from January 8, 2025, the CBN declared in a circular titled Suspension of Extension of Repatriation of Export Proceeds on Behalf of Exporters that it would no longer be extending the repatriation of export proceeds.
First Bank will no longer be permitted to ask for extensions for the repatriation of export revenues on behalf of its customers as a result of this regulation.

Within ninety days of the date on the bill of lading, all oil export revenues must be credited to export domiciliary accounts; non-oil export proceeds must be credited within 180 days.

Extensions won’t be permitted.

In order to comply with the directive, clients who have unpaid export revenues must prepare to remit them as soon as possible, according to this regulation, which went into effect on January 8, 2025.

Additionally, the CBN established regulations requiring IOCs to obtain prior clearance before pooling their funds.

These steps included limiting the instantaneous transfer of all profits to overseas parent businesses and providing thorough expenditure statements. The remaining money was permitted to be used for local financial commitments in Nigeria.

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