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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