The Central Bank of Nigeria (CBN) has approved the inclusion of the CFA franc in Nigeria’s export proceeds (NXP) form, allowing exporters to repatriate earnings from transactions conducted in the currency.
Nonye Ayeni, Executive Director of the Nigeria Export Promotion Council (NEPC), shared the update on Friday during a media briefing on the country’s non-oil export performance for 2024 in Abuja.
She stated that the NEPC had engaged with the CBN to recognize the CFA franc as a significant currency for cross-border trade. With this approval, Nigerian banks will now officially process export proceeds in CFA.
“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,” Ayeni said. “We will be working with CBN and the banks to ensure full implementation.”
The NEPC is also implementing strategies to expand non-oil exports. Ayeni highlighted the council’s support for over 1,200 farmers across the country by distributing hybrid seedlings and farm inputs. This assistance includes sesame and hibiscus for the north, cashew for the west, and palm seedlings for the east, aiming to boost production capacity.
Additionally, the NEPC is promoting its “Go Global, Go for Certification” initiative to enhance the quality of Made-in-Nigeria goods. Ayeni noted that certification processes for 400 small and medium-sized enterprises (SMEs) have already started, with 855 SMEs expected to benefit by 2025.
“The scheme is designed to help SMEs obtain international certification, allowing them to access niche markets,” she stated.
She further disclosed that the NEPC is working to integrate informal border trade into the formal economy. This initiative seeks to increase foreign exchange earnings and improve Nigeria’s export data collection.
