In a significant policy shift aimed at boosting regional trade, the Central Bank of Nigeria (CBN) has approved the inclusion of the CFA Franc in the Nigeria Export Proceeds (NXP) forms, facilitating the repatriation of export proceeds for Nigerian exporters.
The development was disclosed by the Executive Director/Chief Executive Officer of the Nigeria Export Promotion Council (NEPC), Mrs. Nonye Ayeni, during a press briefing on the Non-Oil Export Performance for 2024, held in Abuja on Friday.
According to Ayeni, the approval marks a crucial milestone in Nigeria’s export framework, particularly for businesses engaging in trade with Francophone West and Central African nations. “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,” she announced.
She explained that the NEPC had engaged extensively with the apex bank to ensure that the CFA Franc, a currency used in several African countries, is included as an acceptable medium for settling export transactions. This move is expected to strengthen Nigeria’s economic ties with its regional trading partners, facilitating smoother transactions and reducing the complexities associated with currency conversion.
Ayeni further emphasized that the NEPC will collaborate with the CBN and commercial banks to ensure the seamless implementation of the policy. “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 stated.
The approval comes at a time when Nigeria is actively seeking to expand its non-oil exports as part of its broader economic diversification agenda. By allowing the CFA Franc for repatriation of export earnings, the CBN aims to eliminate barriers that have long hindered cross-border trade between Nigerian exporters and their counterparts in neighboring Francophone countries.
In addition to this policy breakthrough, Ayeni revealed that the NEPC has certified 400 small and medium-sized enterprise (SME) exporters, equipping them with the necessary training and standards to compete in international markets. This initiative aligns with the council’s ongoing efforts to enhance Nigeria’s non-oil export performance and strengthen the nation’s position in the global trade arena.
The latest approval by the CBN is expected to provide significant relief to Nigerian exporters, particularly those trading in agricultural and manufactured goods across West and Central Africa. Experts have lauded the move, noting that it will ease financial transactions and enhance competitiveness for local businesses seeking to penetrate regional markets.
With this policy now in effect, stakeholders in the export sector will be closely monitoring its impact on trade flows, exchange rate stability, and overall economic growth in the months ahead.
