CBN Approves CFA Franc for Export Proceeds Repatriation

The Central Bank of Nigeria (CBN) has approved the inclusion of the CFA Franc as a currency for the repatriation of export proceeds. This development was announced by Mrs. Nonye Ayeni, the Executive Director of the Nigeria Export Promotion Council (NEPC), during a briefing on Nigeria's 2024 non-oil export performance in Abuja on February 1, 2025. The approval allows exporters to capture the CFA Franc on Nigeria Export Proceed (NXP) forms, facilitating smoother transactions for exports to countries using this currency.

Mrs. Ayeni described the approval as a "remarkable breakthrough," emphasizing its significance for cross-border trade. "I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds," she stated. She added that the NEPC would collaborate with the CBN and banks to ensure full implementation of this policy.

The CFA Franc is widely used in West and Central Africa, making it a dominant currency in regional trade. This inclusion is expected to ease transactions and enhance Nigeria's non-oil export sector. Mrs. Ayeni also highlighted the NEPC’s efforts to boost agricultural exports by distributing hybrid seedlings and farm inputs to over 1,200 farmers nationwide, focusing on crops such as sesame, hibiscus, cashew, and palm. This policy underscores Nigeria's commitment to diversifying its economy and strengthening its non-oil export sector.