CBN and CFA: Transforming Export Proceeds Repatriation in Nigeria
The Central Bank of Nigeria (CBN) has approved the inclusion of the CFA franc on Nigeria Export Proceed (NXP) forms, facilitating the repatriation of export proceeds in this currency. This development aims to streamline cross-border trade, particularly with neighboring West and Central African countries where the CFA franc is prevalent.
Mrs. Nonye Ayeni, Executive Director of the Nigeria Export Promotion Council (NEPC), announced the approval during a briefing on the country’s non-oil export performance for 2024. She emphasized that the NEPC had engaged with the CBN to include the CFA franc, recognizing its significance in regional trade. Ayeni stated, “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.”
This move is expected to enhance the efficiency of export transactions and ensure that Nigerian exporters can seamlessly repatriate their earnings in CFA francs. The NEPC plans to collaborate with the CBN and financial institutions to ensure effective implementation of this policy.
In addition to this initiative, the NEPC has been actively supporting farmers and exporters by distributing hybrid seedlings and farm inputs to over 1,200 farmers nationwide. The council is also working to improve the quality of Made-in-Nigeria products through certification programs, aiming to enhance their competitiveness in international markets