Tag: Exporters
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CBN to begin payment of N65 rebate to exporters
The Central Bank of Nigeria of Nigeria (CBN) said it would begin payment of N65 rebate to exporters who sold their goods through the importers and exporters (I&E) window, at the end of the first quarter. CBN Governor, Godwin Emefiele, said this shortly after signing the Term Sheet between the Infrastructure
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CBN begins e-invoice for importers, exporters Feb. 1
The Central Bank of Nigeria (CBN) says it will begin e-invoices for imports and exports in the country from Feb. 1, 2022. The apex bank made the disclosure in a circular to all authorised dealers and the general public, and signed by its Director, Trade and Exchange Department, Dr. O. S. Nnaji, and posted on…
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CBN to sanction non-compliant exporters of Forex
The Bankers’ Committee on Tuesday announced the commencement of sanctions against exporters who fail to repatriate foreign exchange (forex) proceeds from their business into the economy. The sanctions will be implemented by the Central Bank of Nigeria (CBN). Addressing newsmen at the end of the Bankers’ Committee meeting in Lagos, Citibank Nigeria Managing Director/CEO Akin…
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Rice production: Exporters/importers will fight back By Ehichioya Ezomon
By Ehichioya Ezomon The other day, I set out with my “Skelewu” dance steps when rice farmers and millers gave the assurances that, due to expected bumper harvest, and their desire to assist in the reduction of prices of goods, a 50kg of rice would crash to N6,000 in a few months. My happiness was…
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Forex deals: CBN threatens to blacklist exporters withholding proceeds
The Central Bank of Nigeria (CBN) has threatened to sanction exporters who fail to repatriate foreign exchange (forex) proceeds from their businesses into the economy. The apex bank issued the warning through its director, banking supervision, Abdullahi Ahmad during the Bankers’ Committee meeting in Lagos on Thursday. Ahmad spoke of a provision in the CBN…
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Forex intervention: CBN sells $25m to investors, exporters
The Central Bank of Nigeria (CBN) on Tuesday commenced interventions in the new Investors and Exporters’ FX Window with the sale of 25million dollars to customers. The apex bank’s spokesman, Mr Isaac Okorafor, in a statement in Abuja, said the window was established to boost liquidity in the forex market and ensure timely execution and…
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Forex crisis: CBN creates additional window for investors, exporters
The Central Bank of Nigeria (CBN) on Friday, as part of efforts to further boost liquidity in the forex market established a new Forex widow for investors and exporters. This was revealed in a circular signed by the Bank’s Director in charge of Financial Markets, Dr Alvan Ikoku. Ikoku explained that the apex bank decided…