The Central Bank of Nigeria (CBN) has authorized the inclusion of the CFA franc on Nigeria’s export proceeds (NXP) form, facilitating the repatriation of funds from transactions conducted in this currency by Nigerian exporters. Nonye Ayeni, executive director of the Nigeria Export Promotion Council (NEPC), disclosed this development during a media briefing in Abuja on Friday, where she highlighted the non-oil export performance for 2024.
Ayeni emphasized that after engaging with the CBN, the NEPC successfully advocated for the inclusion of the CFA franc, underscoring its importance in cross-border trade. She confirmed that Nigerian banks are now officially recognizing the currency for export transactions.
“I am pleased to announce that the CBN has graciously approved the inclusion of the CFA franc on NXP forms for the repatriation of export earnings,” Ayeni stated. “We will collaborate closely with the CBN and banks to ensure smooth implementation.”
The NEPC has also been actively supporting non-oil exports through initiatives such as distributing hybrid seedlings and agricultural inputs to over 1,200 farmers across Nigeria. These efforts are aimed at enhancing production capacities for crops like sesame, hibiscus, cashew, and palm seedlings in different regions of the country.
In addition, the council is advancing its “Go Global, Go for Certification” campaign to enhance the quality of Made-in-Nigeria products. Ayeni revealed that 400 small and medium-sized enterprises (SMEs) have begun the certification process, with plans to support a total of 855 SMEs by 2025, enabling them to access specialized international markets.
Furthermore, Ayeni highlighted the NEPC’s initiative to formalize informal border trade, aiming to boost foreign exchange earnings and enhance Nigeria’s export data collection capabilities.
