- Ayeni also mentioned that the council, through its regional and state offices, has begun integrating informal border trade into the formal system.
- The executive director said the initiative will boost foreign exchange earnings and improve the country’s export data collection.
The Central Bank of Nigeria (CBN) has given the green light for the inclusion of the CFA Franc on Nigeria Export Proceeds (NXP) forms.
This development facilitates the repatriation of export proceeds, as confirmed by the Nigeria Export Promotion Council (NEPC).
The executive director of the NEPC, Mrs. Nonye Ayeni, shared this update while briefing journalists on the Non-Oil Export Performance for 2024 in Abuja.
Ayeni revealed that the council had previously engaged the CBN to explore the inclusion of the CFA Franc, aiming to enhance trade activities.
According to Ayeni, the CFA Franc is now an accepted currency for export proceeds, receivable by bankers.
“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,” she said.
The NEPC has also made significant strides in supporting export growth, notably certifying 400 small and medium-sized enterprise (SME) exporters.