The Central Bank of Nigeria, CBN, has approved CFA Franc to be captured on Nigeria Export Proceed, NXP, forms for the repatriation of export proceeds.
Nigeria Export Promotion Council, NEPC, made the development known through its Executive Director, Mrs Nonye Ayeni, while addressing reporters on the Non-Oil Export Performance for the year 2024, in Abuja the nation’s capital.
9News Nigeria, reports that the CFA franc is the name of two currencies used by people in fourteen African countries.
Ayeni opined that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading, noting that the currency would now be received as export proceeds by the bankers.
She said; “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.
“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,” she said.
Ayeni stated that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country, adding that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.
The director therefore stressed that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers, expressing that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.
According to her, “I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.
“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.
