- The CBN gave approval for the CFA franc to be recorded on the Nigeria Export Proceeds form to repatriate export earnings
- According to NEPC, the CFA Franc is a currency widely used in international trade, and the council had discussed its inclusion with the CBN
- The executive director of NEPC said it was committed to improving the caliber of Made-in-Nigeria goods
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The CFA franc may now be recorded on the Nigeria Export Proceeds (NXP) form for the repatriation of export earnings, the Central Bank of Nigeria (CBN) has stated.
Source: Getty Images
The Nigeria Export Promotion Council‘s (NEPC) executive director, Nonye Ayeni, addressed reporters on Friday about the country’s non-oil export results for 2024 in Abuja.
Export earnings are the proceeds that Nigerian exporters get from the sale of their goods overseas.
Ayeni stated that the CFA Franc was a dominant currency in cross-border trade and that the council had consulted with the CBN over its inclusion.
The executive director stated that one of the currencies that the bankers received as export revenues is CFA Franc, The Cable reported.
“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 said.
“We will be working with CBN and the banks to ensure full implementation.
“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme.”
Ayeni added that more than 1,200 farmers nationwide received hybrid seeds and agricultural supplies from the council.
According to her, as part of initiatives to improve the capacity of farmers and processors and raise the farmers’ production capacity, the council supplied cashew in the west, palm seedlings in the east, and sesame, hibiscus, and farm inputs in the north.
The executive director said the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.
She stated that 400 small and medium-sized business (SME) exporters were certified by the council.
“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process,” she said.
“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.”
According to Ayeni, the program’s goal is to assist SMEs in obtaining international accreditation so they can enter specialized markets.
She added that the council has started incorporating illegal border trade into the official system through its state and regional offices.
The program will increase foreign exchange revenues and enhance the nation’s export data collecting, according to the executive director.
British pound, dollar, euro crash in black market
Legit.ng reported that the Nigerian currency, the naira, has improved against major foreign currencies, including the US dollar, British pound, and the euro in the unofficial foreign exchange market, following recent market developments.
Checks by Legit.ng on Wednesday, January 29, revealed that the US dollar was sold at N1,628 on the streets of Lagos, with the buy rate at N1,615.
This new exchange rate marks an improvement from the N1,650 per dollar it was sold for on Friday, January 24.
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Source: Legit.ng
