CBN Set To Blacklist Exporters Over Export Proceeds Remittance

CBN set to blacklist exporters Over Export proceeds remittance. Exporters in Nigeria who fail to remit export proceeds in line with Central Bank of Nigeria’s (CBN) directives will henceforth face severe sanctions that could include being blacklisted by the Apex Bank. This was one of decisions reached at the Bankers’ Committee meeting which took place in Lagos yesterday.

The Managing Director/ Chief Executive Officer, Unity Bank Plc, Mrs. Tomi Somefun, who disclosed this while briefing journalists at the end of the meeting, stated that the CBN and the Bankers Committee resolved to take this step to discourage the practice whereby some exporters fail to remit their proceeds.

She pointed out that the CBN had created a special export intervention fund in order to increase the volume of foreign exchange in the system, adding that the fund will be closely monitored to ensure compliance by exporters. According to the Unity Bank boss: “The CBN created a special export intervention fund that will help to attract additional forex into the system.

However some exporters fail to repatriate their proceeds as required. The CBN and the Bankers’ Committee have agreed that the fund will be closely monitored defaulting exporters will be sanctioned.”

The CBN had in June last year set up a N500 billion Non- Oil Export Stimulation Facility (ESF) and a N50 billion Export Rediscounting and Refinancing Facility, that will be jointly implemented with NEXIM as part of measures to boost non-oil exports, by providing low interest loans to exporters. Somefun also revealed that the framework for the N26billion Agriculture, Small and Medium Enterprises (SMEs) Fund created by the CBN in collaboration with the Bankers’ Committee was being finalised and that disbursement would commence during the fourth quarter of this year.

Also briefing journalists on the outcome of the meeting, the CBN’s Director of Banking Supervision, Mr. Ahmed Abdullahi, disclosed that the Committee was happy to note that the economy had emerged from recession even though the 0.55 per cent increase in Gross Domestic Product, indicate that growth is still fragile.

He said that the development meant that more hardwork is needed to ensure deeper GDP growth. The CBN official further stated that the committee was happy about stability and vibrancy in the foreign exchange market as well as the moderation in inflation.

In his remarks at the briefing, the Managing Director, Union Bank Plc, Mr. Emeka Emuwa, said that the Committee noted that the collateral registry would result in more opportunities for SMEs to have access to credit thereby speeding up economic recovery.

He further revealed that having observed that fraud cases are usually on the rise towards the end of the year, the Committee agreed that there was the need for all stakeholders to be more cautious during this period.

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