CBN asks banks to submit names of exporters who don’t repatriate export proceeds - Welcome to Uju Ayalogu's Blog

Breaking News

Post Top Ad

Wednesday, 26 August 2020

CBN asks banks to submit names of exporters who don’t repatriate export proceeds

CBN asks banks to submit names of exporters who don’t repatriate export proceeds

The Central Bank of Nigeria (CBN) has directed banks to provide the submit the names, addresses and bank verification numbers (BVN) of exporters that have defaulted in repatriating their exports proceeds, for further action.

In a statement signed on Tuesday by Ozoemena Nnaji, director of CBN trade and exchange department, the apex bank said the directive is to ensure prudent use of the country’s foreign exchange resources.

According to the statement, Godwin Emefiele, the central bank governor, issued the directive at the bi-monthly virtual meeting of the bankers’ committee.

This directive comes 24 hours after the CBN banned third parties from getting forex using Form M.

READ ALSO:   CBN asks banks to take over electricity bills collection from DisCos

“The move by the CBN followed the adoption of the strategy to discourage over-invoicing, which some businesses have allegedly used to divert foreign exchange from the country, through the opening of “Forms M” for which payment is routed through a buying company, agent, or other third parties,” the statement read.

Nnaji also said the directive will eliminate incidences of over-invoicing, transfer pricing, double handling charges and avoidable costs that are ultimately passed to the average Nigerian consumer.

The CBN, together with the bankers’ committee, has previously threatened sanctions against exporters who divert foreign exchange from the export proceeds, instead of repatriating to support the naira and boost the economy.

The statement also quoted analysts as saying a number of punitive options are open to the CBN, “including, but not limited to, barring the exporters from the foreign exchange market and other banking services”.

The CBN has been deploying various forex management measures to conserve scarce foreign exchange after the COVID-19 pandemic and lowered oil prices affected Nigeria’s forex earnings.

READ ALSO:   ‘I have no apology to offer’ — Fani-Kayode justifies insulting journalist

Are you an artiste? Do you want your music to go viral and reach a large number of audience? Promote your music and Submit your story on Ujuayalogusblog.com by clicking here. For Advert Inquiries Tel/+44(0)7590363984

For More:   Subscribe to Ujuayalogusblog.com

Share This

1 comment:

  1. Herpes is a sexually transmitted virus that primarily infects the mouth and the genitals. It is transmitted by bodily fluids - penetration isn't required for transmission, oral-oral or oral-genital contact will suffice.I WAS ONCE HERPES SIMPLEX VIRUS patient, I have HSV-I genitally and I'm one of the rare cases where I was infected by sexual contact. The person who infected me was unaware that he had it, and he tested negative on a blood test (he probably got it from his mother at birth and never had an outbreak in his life) .I'm sure I have HSV-I ( they did a culture of the fluid from the sores i had during my initial outbreak). So it is possible to contract HSV-I by asymptomatic asexual contact, so please people talk about this and prevent anyone else from getting it, I'm kind of going through something. Four years ago my love and I both had an OB and when I got the blood work done it came back negative. We were happy in the relationship so I learned to accept it and never really bothered to get tested again. Now, that we broke up I decided to get tested again. I came back negative for both HSV-1 and HSV-2 (got the news!) And have not had an OB since the initial one four years ago. My X on the other hand has had a few small outbreaks and never came back positive for HSV-1.Only the help of Dr Afrid where able to help me out with is Root and Herbs, if you are having any type of this disease or infection like HIV, CANCER OR ANY disease kindly contact doctor Afrid for cure: https: //dr-afrid-herbal-home.webnode.com/ or Whatsapp him on +2349057260738.

    ReplyDelete

Post Bottom Ad

Pages