The Central Bank of Nigeria (CBN) has approved CFA Franc for the repatriation of export proceeds.
The Executive Director of the Nigeria Export Promotion Council (NEPC), Mrs Nonye Ayeni, disclosed this when she briefed journalists on the Non-Oil Export Performance for the year 2024 on Friday in Abuja.
She said the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross-border trading.
Ayeni added that the CFA was one of the currencies to be received as export proceeds by bankers.
She said: “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.”
Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.
She revealed that NEPC had also distributed sesame, Hibiscus, and farm input in the north, cashew in the west, and palm seedlings in the east.
The effort, according to her, was to enhance the capacity of farmers, and processors and increase their production capacity.