CBN set to bar exporters with unrepatriated export proceeds: What you should know

The Central Bank of Nigeria (CBN) recently released a memo stating that the institution will be barring exporters who fail to repatriate export proceeds from accessing banking services effective from 31st of January 2021.

The CBN has a policy that states that exporters are to repatriate exports within 90 days for oil and gas exports and 180 days for non-oil exports. This move by the CBN is aimed at controlling access to foreign exchange through the black market. The COVID-19 Pandemic led to a drastic global decline in crude oil prices which led to the scarcity of foreign exchange in Nigeria. Reports from analysts have stated that the memo was issued as part of a monetary control mechanism by the policymakers to maintain relative stability in the exchange rate.

As your premium logistics company, we are bringing this to your notice in time for you to start the repatriation process if you are affected by this. We are one of the very few logistics companies that render swift and reliable export services in the country. This is coupled with the fact that we handle barge operations, cutting off any hustle and bustle that you would usually encounter in moving your cargoes from the ports to the warehouse.

At TGL, we are readily available to smoothen your journey with our swift logistics system. Our services cover logistics, commodities trading and providing EPC services in the energy sector and other related sectors. With a team of over 50 years’ combined experience in freight forwarding, out-country and in-country logistics, compliance/documentation, and core technology services and we are more than able to ensure that the logistics process(es) of your business stays afloat.