Exporters lose N78bn to dollar restriction, others

The ongoing conflict between stakeholders and the Central Bank of Nigeria over the export repatriation policy, which came into force in February 2015, has forced some non-oil exporters to abandon the sector, while others have gone underground to carry out informal exports, our correspondent has gathered.

The CBN had in a circular signed by its Director, Trade and Exchange Department, Olakanmi Gbadamosi, on February 19, 2015, mandated all authorised dealers to repatriate the proceeds of oil and non-oil exports into the export proceeds domiciliary accounts of the respective exporters.

The circular stipulated 90 days for the repatriation of the oil export proceeds and 180 days for non-oil export proceeds.

According to the Coordinator, Agribusiness, Community of Agricultural Stakeholders of Nigeria, Mr. Sotonye Anga, the policy operates in such a way that exporters remit dollars to the government and get paid in naira at the official exchange rate of N199/dollar.

“We pay dollars into the domiciliary accounts and when it is time to withdraw, they pay us in naira at the official exchange rate,” Anga said.

The exporters had immediately after it came out opposed the policy, maintaining that it was not good for the economy and not in tandem with the transformation agenda of the Federal Government.

Our correspondent gathered that the situation had led to a continued drop in revenue from the non-oil sector.

According to the Nigerian Export Promotion Council, earnings from the sector dropped by N52.2bn in the second quarter of 2015 from N130.4bn recorded in the second quarter of 2014 (a 39.25 per cent decrease).

The CBN Governor, Mr. Godwin Emefiele, had earlier indicated that Nigeria recorded a decline of $6.14bn (N1.2tn) in non-oil export receipts from $10.53bn in 2014 to $4.39bn in 2015.