The Bankers Committee comprising the Central Bank of Nigeria (CBN), and Chief Executive Officers of banks in Nigeria has threatened that henceforth, exporters whoever fails to repatriate export proceeds will be sanctioned.
Rising from its meeting on Thursday in Lagos, the committee said the sanction will be by way of blacklisting them, such that the concerned exporter will not have access to any banking transaction with commercial banks.
ALSO READ:Â How CBN stabilised sinking naira, raised reserves to $33bn
Addressing the press after the meeting, CBN Director, Banking Supervision, Ahmad Abdullahi, said the regulatory sanction is necessary to enable the bank track Nigeria’s foreign exchange earnings, and maintain stability in the foreign exchange market.
and then