CBN Authorizes CFA for Repatriation of Export Earnings

The Central Bank of Nigeria (CBN) has approved the inclusion of the CFA franc on Nigeria’s export proceeds (NXP) form, enabling Nigerian exporters to repatriate proceeds from transactions conducted in the currency.

Nonye Ayeni, executive director of the Nigeria Export Promotion Council (NEPC), announced the development on Friday while addressing the media on the non-oil export performance for 2024 in Abuja.

Ayeni explained that the NEPC had engaged with the CBN to include the CFA franc, describing it as a key currency in cross-border trade. She confirmed that the currency is now officially recognized for export proceeds by Nigerian banks.

“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,” Ayeni stated. “We will be working with CBN and the banks to ensure full implementation.”

The NEPC has also been focusing on initiatives to boost non-oil exports. Ayeni highlighted the council’s distribution of hybrid seedlings and farm inputs to over 1,200 farmers nationwide. The support included sesame and hibiscus in the north, cashew in the west, and palm seedlings in the east, aiming to enhance farmers’ production capacity.

Additionally, the NEPC is advancing its “Go Global, Go for Certification” campaign to improve the quality of Made-in-Nigeria products. According to Ayeni, the council has commenced certification processes for 400 small and medium-sized enterprises (SMEs), with a total of 855 SMEs expected to benefit from the program by 2025.

“The scheme is designed to help SMEs obtain international certification, allowing them to access niche markets,” she said.

Ayeni also revealed that the NEPC has begun integrating informal border trade into the formal sector, an initiative aimed at boosting foreign exchange earnings and improving Nigeria’s export data collection.