Central Bank of Nigeria (CBN) has approved CFA franc to be captured on Nigeria export proceeds (NXP) form for repatriation of export proceeds.
Gatekeepers News reports that Nonye Ayeni, executive director of Nigeria Export Promotion Council (NEPC) disclosed this while addressing newsmen on the non-oil export performance for 2024 in Abuja on Friday.
The director said the council had engaged CBN on inclusion of CFA Franc, adding that it was a dominant currency in cross-border trading.
Ayeni noted that CFA Franc was one of the currencies to be received as export proceeds by the bankers.
She said, “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.”
The director said the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.
Ayeni said the council distributed sesame, hibiscus, and farm inputs in the north, cashew in the west, and palm seedlings in the east, as part of efforts to enhance the capacity of farmers, and processors and increase production capacity of the farmers.
She said NEPC, under “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.
The director also disclosed that the council commenced the certification of 400 small and medium-sized enterprise (SME) exporters.
She said, “I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.”
“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.”
Ayeni noted that the scheme is designed to help SMEs obtain international certification, allowing them to access niche markets.
She also mentioned that the council, through its regional and state offices, has begun integrating informal border trade into the formal system.
The director said the initiative will boost foreign exchange earnings and improve Nigeria’s export data collection.
