Business

CBN Suspends Export Proceeds Repatriation Extension

Published

7 months ago

January 9, 2025

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.

The circular Signed by the acting Director of the CBN’s Trade & Exchange Department, W.J. Kanya, 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.

The circular said, “With effect from the date of this circular, the Central Bank of Nigeria will no longer approve requests for extension of repatriation of export proceeds by Authorized Dealers on behalf of their customers.

“For the avoidance of doubt, proceeds of oil and non-oil exports are to be repatriated and credited into the exporters’ export proceeds domiciliary accounts within 180 days and 90 days from the bill of lading date for Non-Oil and Oil & Gas exports, respectively.”

This development imposes stricter obligations on exporters and their authorised dealer banks to comply with the repatriation rules.

Banks are expected to notify their clients of the updated regulations and ensure adherence.

The CBN warned that non-compliance could attract penalties or other regulatory actions.

The policy is part of the CBN’s efforts to enhance foreign exchange inflows and bolster the country’s reserves.

Last year, the CBN introduced measures affecting international oil companies operating in Nigeria, limiting their ability to immediately remit 100 per cent of forex proceeds to their parent companies abroad.

Instead, IOCs were required to repatriate 50 per cent of their proceeds immediately, with the remaining 50 per cent to be repatriated 90 days after the inflow.

Also, the CBN implemented new rules governing cash pooling by IOCs. These rules required prior approval from the CBN for repatriation under the cash pooling framework, alongside detailed statements of expenditure incurred before pooling.

Also, last year, the apex bank further clarified these measures, allowing IOCs to pool 50 per cent of their export proceeds while using the remaining funds to settle financial obligations within Nigeria over 90 days.

IOCs were also permitted to sell the 50 per cent balance of their repatriated proceeds to authorised foreign exchange dealers.

Business

Dangote Refinery Reduces Fuel Price

Published

13 hours ago

August 12, 2025

Editor

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

Business

Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

Published

2 days ago

August 11, 2025

Editor

India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

Business

NNPCL Increases Fuel Price

Published

1 week ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.