The Central Bank of Nigeria (CBN) has suspended the extension of export proceeds by banks on behalf of exporters. Ag. Director of Trade and Exchange Department, Dr. W.J Kanya, disclosed this yesterday in a circular to Authorised Dealers and the general public, adding that that the decision was Pursuant to provision of Memorandum 10A (23a) and Memorandum 10B (20a) of the Foreign Exchange Manual Revised Edition of March 2018 in respect of repatriation of export proceeds for oil and non-oil export. The apex bank directed that from the date of…
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