CBN to sanction exports without Export Proceeds Number

Central Bank of Nigeria is threatening to sanction exporters who ship out goods without Nigerian Export Proceeds numbers.

Governor of the bank, Godwin Emefiele, who gave the note of caution at a virtual meeting, accused many shipping companies of failing to comply with the Federal Government directives that such shipments carry the Nigerian Export Proceeds number.

Emefiele the CBN would set up an auto system, where if someone wants to send cargo, copies of the Nigerian Export Proceeds form will be sent directly to them.

He warned that cargoes without the Nigerian Export Proceeds form would be turned back.

Emefiele said that a circular outlining the procedure would be sent out to shipping lines and relevant agencies like the Nigerian Shippers’ Council, Ministry of Finance, Nigerian Customs Services, and security agencies among others.