Breaking: CBN Ends Export Proceeds Extension, Tightens FX Regulations

By Nasir Dambatta
The Central Bank of Nigeria (CBN) has announced an immediate suspension of extensions for repatriating export proceeds, a bold move to tighten foreign exchange regulations.
In a directive issued on January 8, 2025, and signed by W.J. Kanya, acting director of trade and exchange, the CBN reaffirmed strict deadlines: 180 days for non-oil exports and 90 days for oil and gas exports. Authorized dealer banks are now mandated to enforce compliance with these rules.
This policy shift underscores the CBN’s determination to boost forex inflows and strengthen Nigeria’s reserves. It follows earlier measures limiting crude export proceeds transfers by international oil companies, a rule partly relaxed last year to ease financial obligations within Nigeria.
By eliminating deadline extensions, the CBN sends a clear message—timely repatriation is no longer negotiable.