Name Exporters Failing To Repatriate Export Proceeds, CBN Orders Banks

by on August 26, 2020

All banks have been directed by the Central Bank of Nigeria (CBN) to submit the names, addresses and Bank Verification Numbers of exporters failing in repatriating their exports proceeds, for further action.

This was contained in a statement from the CBN on Tuesday.

According to the statement, the decision was taken at the Bankers’ Committee virtual meeting.

Godwin Emefiele, CBN Governor, while addressing the Bank Chief Executives at the Bi-monthly virtual, disclosed plans to meet chief executives of multinational companies in Nigeria to discuss the revamp of Nigerian exports.

Emefiele said the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, would ensure the facilitation of a reboot of the Nigerian export market.

The CBN governor reiterated that the country had no choice but to diversify its economic base away from heavy reliance on crude oil.

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The CBN and the bankers, on Emefiele’s prompting, yesterday agreed to support the airlines and the media industry. The committee noted that decision was to mitigate the impact of COVID-19 on both industries.

Emefiele urged the banks to do all within their powers to support airlines in the country, adding that such support was critical to helping the industry recover from the economic crisis triggered by COVID-19.

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