Tuesday, November 10, 2015

CBN Mulls Extra Fines For Banks Over Non-Remittance of Export Proceeds

Reports reaching Nairametrics suggests that the CBN could be mulling another round of fines for banks that failed to remit the foreign exchange earned from export proceeds.
The penalty could be targeted at export proceeds earned between July 2014 and April 2015, to the tune of 10% of the Free on Board (FOB) value of the export transaction.
The Central Bank of Nigeria (CBN) had earlier warned exporters to repatriate their earnings into their domiciliary accounts within a stipulated period or be barred from the foreign exchange market.
“Proceeds of oil and non-oil exports are to be repatriated into the export proceeds’ domiciliary accounts of their respective exporters’ accounts within 90 days for oil exports and 180 days for non-oil exports, failing which the collecting banks will be liable to a fine of 10 per cent of the FOB value of the transaction”, the CBN said in February.

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