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By Blessing Nweke
The Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceeds (NXP) form for the repatriation of export proceeds, according to the Nigeria Export Promotion Council (NEPC).
Join our WhatsApp ChannelThis was disclosed by Mrs. Nonye Ayeni, Executive Director of the NEPC, in Abuja on Friday while addressing newsmen on the Non-oil Export Performance for the year 2024.
Mrs. Ayeni explained that with CFA Franc being a dominant currency in cross border trade, the council has engaged the CBN on its inclusion to boost trading. She added that the currency was one of those to be received as export proceed by the bankers.
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“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.
She also emphasised that the council is also making other efforts to facilitate exports, including certification of 400 Small and Medium scale Enterprise (SME) exporters.
Ayeni also added that in order to promote agriculture, the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across Nigeria. This distribution includes Sesame, Hibiscus and farm input in the North, cashew in the west and palm seedlings in the east.
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She emphasised that this effort is meant to enhance the capacity of farmers to increase production and further boost exportation.
Nweke is an intern at Prime Business Africa.
