CBN Approves Inclusion of CFA for Export Proceed Repatriation
The Nigeria Export Promotion Council (NEPC) says that the Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.
Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the non-oil export performance for the year 2024, in Abuja on Friday. Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross-border trading.
She said that the currency was one of the currencies to be received as export proceeds by the bankers. “I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.
“We will be working with CBN and the banks to ensure full implementation.
“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said. Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.
She added that the council has also distributed sesame, hibiscus, and farm input in the north, cashew in the west, and palm seedlings in the east. She said that the effort was to enhance the capacity of farmers and processors and increase production capacity of the farmers.
The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.
According to her, the council commenced the certification of 400 small and medium-sized enterprise (SME) exporters. “I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.
“At the end of the exercise, a total of 855 SMEs will have benefitted from the scheme between the year 2022 and 2025. She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.
Ayeni also noted that the council’s regional and state offices initiated the process of mainstreaming informal border trade. She said that the effort would increase foreign exchange earnings and help to capture export data for the country. “Interactive sessions were held with several trade associations operating within some borders.”.
According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade. “We will build on this,” she assured. Honda, Nissan to Announce Merger Details in Mid-February -Officials
