The Central Bank of Nigeria (CBN) has officially approved the inclusion of the CFA Franc on Nigeria Export Proceeds (NXP) forms, allowing it to be used for the repatriation of export proceeds.
This move was confirmed by the Executive Director of the Nigeria Export Promotion Council (NEPC) Nonye Ayeni, during her briefing on the country’s non-oil export performance for 2024 in Abuja last Friday.
Ayeni revealed that the NEPC had previously engaged with the CBN to include the CFA Franc, a currency used in several West and Central African countries, as part of efforts to streamline trade and boost regional exports.
“We are pleased to announce that the CBN has granted approval for the CFA Franc to be included on the NXP forms for the repatriation of export proceeds,” Ayeni said. “This approval is a significant milestone, and we are working closely with the CBN and commercial banks to ensure smooth implementation.”
She emphasized that the inclusion of the CFA Franc would enhance Nigeria’s trade relations with countries in the West and Central African regions that use the currency, making it easier for Nigerian exporters to receive payments without dealing with cumbersome currency conversions.
Ayeni also highlighted other ongoing efforts by the NEPC to facilitate export growth, including the certification of 400 small and medium-sized enterprise (SME) exporters. This initiative is part of the council’s broader strategy to support the development of Nigeria’s non-oil export sector and promote economic diversification.
“This is a landmark achievement for the NEPC and underscores the success of our flagship programs aimed at enhancing Nigeria’s export capacity,” Ayeni concluded.
