The Central Bank of Nigeria (CBN) has approved the inclusion of the CFA franc on Nigeria’s export proceeds (NXP) form, enabling exporters to officially repatriate earnings in the currency.
The Executive Director of the Nigeria Export Promotion Council (NEPC), Nonye Ayeni, announced this on Friday while presenting the 2024 non-oil export performance report in Abuja.
A Milestone for Cross-Border Trade
Ayeni highlighted that the CFA franc is a dominant currency in cross-border transactions, particularly with Nigeria’s francophone neighbors. After engaging the CBN, the approval was granted to streamline export transactions and ensure seamless repatriation of proceeds.
“I am delighted to inform you that the CBN has magnanimously approved the CFA franc to be captured on NXP forms for repatriation of export proceeds. We will be working with the CBN and banks to ensure full implementation,” she stated.
NEPC’s Push for Export Growth
Ayeni also revealed that the NEPC has distributed hybrid seedlings and farm inputs to over 1,200 farmers nationwide to boost non-oil exports.
- Sesame, hibiscus, and farm inputs were distributed in the north.
- Cashew in the west.
- Palm seedlings in the east.
Additionally, through the “Go Global, Go for Certification” campaign, the NEPC has commenced the certification of 400 Small and Medium-Sized Enterprises (SMEs) to improve the quality of Made-in-Nigeria products for international markets. The goal is to have 855 SMEs certified by 2025.
Formalizing Informal Trade
The council has also started integrating informal border trade into the formal economy, a move expected to:
✅ Boost foreign exchange earnings
✅ Improve export data accuracy
✅ Enhance Nigeria’s trade competitiveness
With this latest policy shift, Nigerian exporters trading with West African nations will now have greater flexibility in repatriating their earnings, strengthening regional trade relations. 🚀
