The Central Bank of Nigeria (CBN) has approved the inclusion of the CFA franc on Nigeria’s export proceeds (NXP) form, allowing Nigerian exporters to repatriate proceeds from transactions conducted in the currency.
Nonye Ayeni, Executive Director of the Nigeria Export Promotion Council (NEPC), made the announcement on Friday while discussing Nigeria’s non-oil export performance for 2024 in Abuja.
Ayeni explained that the NEPC had worked closely with the CBN to include the CFA franc, recognizing it as a key currency in cross-border trade. She confirmed that the currency is now officially recognized for export proceeds by Nigerian banks.
“I am delighted to inform you that the CBN has generously approved the CFA to be included on NXP forms for the repatriation of export proceeds,” Ayeni stated. “We will collaborate with the CBN and banks to ensure full implementation.”
The NEPC has also focused on initiatives to boost non-oil exports. Ayeni highlighted the council’s distribution of hybrid seedlings and farm inputs to over 1,200 farmers across the country. These supplies included sesame and hibiscus in the north, cashew in the west, and palm seedlings in the east, all aimed at enhancing production capacity.
Furthermore, the NEPC is advancing its “Go Global, Go for Certification” campaign to improve the quality of Made-in-Nigeria products. Ayeni revealed that the council has started certification processes for 400 small and medium-sized enterprises (SMEs), with plans for 855 SMEs to benefit from the program by 2025.
“The scheme is designed to help SMEs obtain international certification, allowing them to access niche markets,” she said.
Ayeni also shared that the NEPC is working to integrate informal border trade into the formal sector, a move aimed at boosting foreign exchange earnings and improving the accuracy of Nigeria’s export data collection.
