The Nigeria Export Promotion Council (NEPC) has confirmed that the Central Bank of Nigeria (CBN) has approved the inclusion of the CFA Franc on Nigeria Export Proceeds (NXP) forms for the repatriation of export proceeds.
This decision aims to boost trade and support Nigerian exporters by simplifying the process of receiving export proceeds in the CFA Franc, a widely used currency in West and Central Africa.
Mrs. Nonye Ayeni, Executive Director of the NEPC, announced this development during a press briefing on the Non-Oil Export Performance for 2024 in Abuja.
She highlighted that the council had engaged with the CBN to ensure the inclusion of the CFA Franc as part of its efforts to enhance trading across regional markets. The NEPC will be working with the CBN and banks to ensure full implementation of this change.
Ayeni also mentioned that the council has certified 400 small and medium-sized enterprise (SME) exporters to help them meet international standards and access global markets.
This initiative is part of the council’s “Go Global, Go for Certification” campaign, which aims to improve the quality of Made-in-Nigeria products and boost foreign exchange earnings.
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