CBN expresses concern over non-remittance of export proceeds by exporting firms

The Central Bank of Nigeria-CBN has expressed concerns over the non-remittance of export proceeds by exporting firms.
As a result, the apex bank said it was set to blacklist a number of exporters who had failed to repatriate the proceeds of their exports.
The Director, Banking Supervision, CBN, Ahmad Abdullahi, made this disclosure at a press briefing held after the Bankers’ Committee meeting at the CBN office in Lagos.
Abdullahi added that the Bankers’ Committee also discussed the fragile growth of 0.55 per cent that the economy recorded in the second quarter, adding that although it was a positive growth that took the country out of recession, the committee resolved to purse a number of schemes and initiatives that would enhance economic growth.
He noted that the CBN had recorded stability in the foreign exchange market, moderation in inflation and Gross Domestic Product growth.

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