CBN Approves Inclusion of CFA in Nigeria’s Export Proceeds Settlement

CBN Approves Inclusion of CFA in Nigeria’s Export Proceeds Settlement

The Nigeria Export Promotion Council (NEPC) has confirmed that the Central Bank of Nigeria (CBN) has approved the inclusion of the CFA Franc on Nigeria Export Proceeds (NXP) forms to facilitate the repatriation of export earnings.

Speaking in Abuja on Friday during the Non-Oil Export Performance Report for 2024, NEPC Executive Director, Mrs. Nonye Ayeni, revealed that the approval followed engagements between the council and the CBN to enhance trade transactions.

“I am delighted to inform you that the CBN has approved the inclusion of the CFA Franc on NXP forms for repatriation of export proceeds. We will collaborate with the CBN and banks to ensure full implementation,” Ayeni stated.

She described the development as a significant milestone for the council, reinforcing its ongoing initiatives to promote non-oil exports.

In addition to the currency approval, Ayeni highlighted other NEPC efforts, including certifying 400 small and medium-sized enterprise (SME) exporters to boost Nigeria’s export sector.

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