The Central Bank of Nigeria has suspended approvals for the extension of export proceeds repatriation on behalf of exporters, effective immediately. This directive, issued via a circular dated January 8, 2025, applies to both oil and non-oil export transactions. The apex bank explained that the move aims to enforce compliance with existing foreign exchange regulations. Signed by the acting Director of CBN’s Trade & Exchange Department, Dr W.J. Kanya, the circular outlined provisions in the Foreign Exchange Manual (Revised Edition, March 2018) as the basis for the decision. These provisions include Memorandum 10A (23a) and Memorandum 10B (20a). The CBN stated that with immediate effect, it would no longer grant extensions for the repatriation of export proceeds requested by authorised dealer banks on behalf of their customers. Exporters are now required to adhere strictly to the stipulated timelines for repatriation. Proceeds from non-oil exports must be repatriated within 180 days from the bill of lading date, while oil and gas export proceeds must be repatriated within 90 days. The apex bank stressed that these timelines are non-negotiable.