According to reports, the fall-out between stake-holders 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.
In a circular signed by Olakanmi Gbadamosi, the Director, Trade and Exchange Department on February 19, 2015, it instructed that all authorised dealers to repatriate the proceeds of oil and non-oil exports into the export proceeds domiciliary accounts of the respective exporters.
According to the circular, it should be done within 90 days for the repatriation of the oil export proceeds and 180 days for non-oil export proceeds.
The Coordinator, Agribusiness, Community of Agricultural Stakeholders of Nigeria, Mr. Sotonye Anga, commented that 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.
He said, “We pay dollars into the domiciliary accounts and when it is time to withdraw, they pay us in naira at the official exchange rate”.
Meanwhile exporters have openly expressed their resentment for the policy, stating that it is not in line with the plans for transformation proposed by the Federal Government.