₦airaland Forum

Stakeholders in the non-oil export sector have rejected the Central Bank of Nigeria’s new guidelines on the utilisation of export proceeds.

The stakeholders, comprising heads of all commodity associations in the country, rejected the policy on the grounds that it was a disincentive to exportation. They noted further that the policy contradicted the stand of the Federal government on the growth of the non-oil sector of the economy.

The CBN on February 19 issued a circular in respect of the repatriation of export proceeds. The circular under the subject, ‘Repatriation of export proceeds (oil and non-oil), had mandated all authorised dealers to repatriate proceeds of oil and non-oil exports into the export proceeds domiciliary accounts of their respective exporters.

The circular signed by the Director, Trade and Exchange Department of the CBN, Olakanmi Gbadamosi, stipulated 90 days for the repatriation of oil export proceeds and 180 days for non-oil exports.
Speaking at a press briefing on Wednesday, the National President, National Cashew Association of Nigeria, Mr. Tola Faseru, said exporters were taken aback by the policy adding that it was not good for the economy and was also not in tandem with the transformation agenda of the Federal government.

Faseru said the policy was bound to discourage people from investing in the non-oil sector while having a negative effect on transparency.
He said, “The government has been portrayed as one that is interested in diversifying the economy and lately the economic council listed about 13 strategic commodities that will be employed to achieve diversification of the economy. But a policy limiting the free access of exporters to their export proceeds is inimical to the growth of the economy.

“The sector had been stagnant for years and Nigeria had been continually import-dependent. By 2006, we had a policy initiated by the then CBN governor, Professor Charles Soludo, which favoured the liberalisation of the foreign exchange market.”
He said that the new policy by the CBN sought to gag exporters in the utilisation of foreign exchange.
The exporters charged the government to revisit the policy saying it amounted to policy summersault.

http://nairausd..com/2015/02/expert-reject-cbn-policy-directive.html

Follow this case down and u will see how PEOPLE DECEIVING PEOPLE......PDP gonna benefit from it.....

Why should they domicile their forex proceeds?
So that jonathan and his thieving goons can "re-export"
the dollars to their foreign account .
A drowning government.

oduastates:
Why should they domicile their forex proceeds?
So that jonathan and his thieving goons can "re-export"
the dollars to their foreign account .
A drowning government.

I think it's a way of CBN resisting dollar outflow, the best this merchant can do is trade by barter

Ova I don't see your point. Remit your export proceeds first

Boss13:
Ova I don't see your point. Remit your export proceeds first

So you support CBN's action

Charpell:
I think it's a way of CBN resisting dollar outflow, the best this merchant can do is trade by barter

Exporters generate forex . They are more useful to an economy than importers and should be encouraged

@Shreif... Off topic bro