Tuesday, 4 May 2021

CHAMBER OF COMMERCE TELLS CBN TO REVIEW EXPORT PROCEEDS REPATRIATION POLICY

lcci
According to the Lagos Chamber of Commerce and Industry (LCCI), it has become necessary for the Central Bank of Nigeria (CBN) to review its policy on repatriation of export proceeds. This was made known by the Director-General of LCCI, Dr. Muda Yusuf, at an interactive session with business editors.
 
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In the wake of forex shortage in the nation, the CBN required exporters to repatriate export proceeds within 90 days for oil and gas and 180 days for non-oil exports. Inability to do so is seen as a breach of the extant regulation. This has not gone down well with the LCCI, particularly the rate at which exporters exchange their proceeds.
 
The LCCI boss said, “You get your export proceeds and the CBN will be telling you that this is the exchange rate that they will need to convert your proceeds for you. It’s not fair. You are the owner of your money; you are the one that exported. If they cannot give you your dollar directly, then they should allow you negotiate the rate at which you sell the dollar rather than impose conversion rates on you.”
 
He alleged that the CBN policy was breeding sharp practices and corruption in export documentation processes, with many exporters avoiding to fill the Nigerian Export Proceeds Form. He expressed hopes that the apex bank would have a rethink, ‘because, when you say people are not bringing back their proceeds, it is partly because of this problem’. He made it clear that because of this problem, some exporters have started exporting from neighbouring countries such as the Republic of Benin (Cotonou). He lamented that this move was harming the Nigerian economy.

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