CBN To Sanction Defaulters Of Export Proceeds

The Central Bank of Nigeria, CBN on Thursday vowed that it will sanction exporting firms who have refused to remit its export proceeds.

The Director, Banking Supervision, CBN, Ahmad Abdullahi, at a press briefing held after the Bankers’ Committee meeting at the CBN office in Lagos, disclosed that defaulters would be blacklisted.

“In line with the Foreign Exchange Manual, exporters are mandated to repatriate the proceeds of their exports. Unfortunately, some exporters are not doing this. So, the issue was discussed at the meeting today, and it was resolved that they should be sanctioned by way of blacklisting them. This means such exporters won’t have access again,” the CBN director said.

Abdullahi, therefore, stated that the Bankers’ Committee noted a fragile growth of 0.55 percent that the economy recorded in the second quarter,

He said the committee had resolved to pursue a number of schemes and initiatives that would enhance economic growth.

He noted that the CBN had recorded stability in the foreign exchange market, moderation in inflation and Gross Domestic Product growth.

Also speaking, the Managing Director, FBN Merchant Bank, Mr Kayode Akinkugbe, praised the CBN’s initiative which helped to improve liquidity in the forex market.

“The CBN has been doing a great work and we believe we can only improve on this,” he added.

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