By Dipo Olowookere
Central Bank of Nigeria (CBN) has given exporters 90 days grace period to repatriate proceeds of their exports back into the country or be ready to face heavy sanctions.
Addressing newsmen in Lagos yesterday, Chief Executive Officer of Citibank Nigeria, Mr Akin Dawodu, said some exporters have failed to comply to the apex bank’s directive to them for the repatriation of their proceeds within the stipulated 90 days for oil & gas and 180 days for non-oil exports.
Mr Dawodu was speaking after the Bankers’ Committee meeting held on Tuesday.
The committee comprises chief executives of banks operating in the country and the management of the CBN.
“The committee decided to give a 90-day moratorium after which the CBN will now sanction defaulters, which could include barring them from banking services.
“It is important that exporters repatriate their proceeds so that inflows can come in the expected fashion and the foreign reserves will continue to grow,” the Citibank chief told journalists.
Explaining reason for the 90-day grace window, Director of Banking Supervision of CBN, Mr Ahmed Abdullahi, said, “An exporter may be barred from accessing banking services so there has to be enough time to enlighten them on the need to repatriate their proceeds.”
He said the apex bank has no intention to punish anyone, but if pushed to the wall, it would definitely bite.
The CBN Director expressed optimism that the defaulting exporter would take advantage of the grace period to do the needful.
Adedapo Adesanya