… As Zenith Bank Moves To Ensure Compliance
The Central Bank of Nigeria (CBN) has barred exporters who are not repatriating their export proceeds, from taking part in any banking services effective from January 31, 2021.
The apex bank stated this in a circular issued to commercial banks to notify Nigerian exporters.
According to a circular by Zenith Bank quoting the directive by the regulator, it read; “Please be informed that the through its circular reference Ed TED/EXP/CON/NES/01/001 dated 13th January 2021 has instructed that all exporters with unrepatriated export proceeds by 31st January 2021 should barred from accessing all banking services.
Zenith Bank on compliance with the apex bank order, directed its customers to comply with the guideline before the expiration of the deadline.
“All customers with unrepatriated export pruceeds are therefore required to comply with this directive before the specified date.”
It is believed the move a monetary policy measure by the CBN to maintain stability in forex and boost liquidity of the official exchange market.