CBN Approves CFA For Export Proceed Repatriation says NEPC

Oluwakemi Kindness

The Nigeria Export Promotion Council, NEPC on Friday announced the CBN’s approval of CFA to be captured on the NXP forms for the repatriation of export proceeds.

This is as the Council puts non-oil performance in 2024 at $5.456 billion, despite economic realities and the global economic downturn.

Executive Director, NEPC, Nonye Ayeni, who stated this, said the Council will be working with the CBN and the banks to ensure full implementation of the CFA, which is a dominant currency in Cross Border Trading.

Speaking at a Press Conference on the Non-Oil Export Performance for the Year 2024, she said this is a remarkable breakthrough for the Council and it further reaffirms the impact of the Council’s current flagship programme, “#doubleyourexport” in increasing the volume and value of Made-in-Nigeria products.

“the NEPC engaged the CBN on the inclusion of CFA, which is a dominant currency in Cross Border Trading as one of the currencies to be received as export proceeds by the banks”,.

According to the NEPC boss, the non-oil performance of $5.456 billion in 2024 reflects a significant increase of 20.77% (938.442 million) compared to the recorded figure of US$4.517 Billion for the preceding year of 2023.

Ayeni attributed this achievement to the active diversification of the economy through the non-oil sector with emphasis on promoting agriculture, solid minerals, and manufacturing,

“The positive impact of the current effort by the Federal Government to enhance trade through effective policy implementation (both fiscal and monetary) under the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu GCFR, which focuses on diversifying the economic base of the country”, she said.

“In addition, participation in trade agreements driven by the Honourable Minister of Trade and Investment, Dr Jumoke Oduwole, has helped to open up new markets for Nigerian products*, Ayeni added.

She further noted that the global economy’s recovery from previous downturns has increased demand for Nigerian exports, further boosting export performance.

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