Business
JUST IN: CBN Frowns At Exporting Without Documentation, as Proceeds hits $5.6bn
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has warned exporters and shipping companies to desist from exporting without documentation, saying, “What this does is to reduce the export earning potentials of the country.”
Emefiele made the call today during the Bi-Annual RT200 Non-Oil Export Summit in Abuja.
The CBN boss said: “we keep hearing cases of people trying as much as possible to sidestep the process.
“All I can do now is to appeal to those of us who want to export without documentation to please try as much as possible to desist from this practice.
“We will continue to engage customs, we will continue to engage Nigerian Ports Authority and we will continue to engage the shipping lines and agents to ensure that we nip in the bud the incidences of exporting without documentation.”
Emefiele recalls a meeting of the bank with the shipping lines : “About three years ago when we had a meeting at the CBN in Lagos with the shipping lines, I had said that the CBN will be beaming searchlight on undocumented exports.
“And we had advised the shipping lines at that meeting that we will also be monitoring and if we find that they export without documentation we will fine them by placing their accounts on Post No Debit order.
“We have so far not done anything like that, because we feel that our shipping lines will be responsible to do what is right.
“However, if we do not see the kind of cooperation that we expect, I will have to insist that we do what we need to do.”
He disclosed that the export proceeds repatriation into the country increased by 40 per cent from $3 billion in 2021 to $5.6 billion at the end of 2022.
The CBN Governor added that the momentum for 2023 was equally showing strong numbers and impressive prospects.
“In the first quarter of 2023, a total of US$1.7 billion was repatriated to the economy while about $790 million was sold at the Investors and Exporters window year-to-date.”
Emefiele said the balance of the proceeds remained in the Export Domiciliary Accounts of exporters, noting that proceeds that were not sold at the Investors and Exporters window (I&E) could not and would not be eligible for the rebate.
He urged those holding their export proceeds in their domiciliary accounts to take advantage of the rebate by selling them at the I&E Window.
He expressed the bank’s continued commitment and assurance to strengthening and expanding foreign exchange supply into the market.
Babajide Sanwo-Olu Commends CBN’s RT200 FX programme
Also at the event, Lagos State Governor, Babajide Sanwo-Olu, commended the CBN for its introduction of the programme.
He said that it was a critical step for diversifying the economy.
Sanwo-Olu was represented by the Lagos State Commissioner for Economic Planning and Budget, Samuel Egube.
He stated that it would also increase the capacity of the non-oil sector to generate more foreign exchange earnings, boost economic growth, and stabilise the economy generally.
Business
Flutterwave buys Mono for $40 million
Under the deal, Mono will continue to operate as an independent product, with no changes to its leadership or operations.
• Flutterwave Nigeria HQ, Lagos
Flutterwave, Africa’s largest fintech company, has acquired Nigerian open banking startup Mono in an all-stock transaction valued between $25 million and $40 million.
The acquisition brings together two major fintech infrastructure players as Flutterwave looks to strengthen its payments stack with open banking, data, and identity capabilities.
Under the deal, Mono will continue to operate as an independent product, with no changes to its leadership or operations.
The transaction allows Mono’s investors to at least recoup their capital, with some early backers reportedly recording returns of up to 20x.
(Nairametrics)
Business
Venezuela: Crude prices edge lower following Maduro’s overthrow
CNBC reports that U.S. crude oil fell 31 cents, or 0.54%, to $57.01 per barrel. Global benchmark Brent fell 22 cents, or 0.36%, to $60.53 per barrel.
• An oil-themed mural in Caracas, Venezuela
Crude oil prices edged lower Sunday, as the overthrow of President Nicolas Maduro by the Trump administration has cast deep uncertainty over oil-rich Venezuela.
Venezuela, a founding member of OPEC, sits on the largest proven crude oil reserves in the world at 303 billion barrels or about 17% of the global total, according to the U.S. Energy Information Administration.
CNBC reports that U.S. crude oil fell 31 cents, or 0.54%, to $57.01 per barrel. Global benchmark Brent fell 22 cents, or 0.36%, to $60.53 per barrel.
President Donald Trump made it clear Saturday that U.S. investment in Venezuela’s oil sector is a key objective of the regime change operation that ousted Maduro.
“We’re going to have our huge United States oil companies — the biggest anywhere in the world — go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure,” Trump said in a press conference from his Mar-a-Lago residence in Palm Beach, Florida.
The president said Saturday that the U.S. embargo of Venezuelan oil remains in place.
Business
MAN woos CBN, MOF for manufacturing refinancing facility
The Director -General of MAN, Segun Ajayi-Kadir, made the call for the facility in a report on the manufacturing outlook for 2026.
Cover image: MAN
The Manufacturers Association of Nigeria (MAN) has called on the monetary authorities ( CBN and MOF) to introduce a Manufacturing Refinancing and Rediscounting Facility (MRRF) believing that it can reinvigorate the manufacturing sector in 2026.
The Director -General of MAN, Segun Ajayi-Kadir, made the call for the facility in a report on the manufacturing outlook for 2026.
He said that the MRRF is to enable banks to refinance approved manufacturing loans at single-digit rates for up to seven years.
He emphasised that to ensure a more robust manufacturing sector in 2026 , there was need for:
- 1. Launch a Manufacturing Refinancing and Rediscounting Facility (MRRF) that allows banks to refinance approved manufacturing loans at single-digit rates for up to 7 years.
- 2. Create a publicly accessible dashboard tracking lending flows, interest rate spreads, loan approvals and sectoral disbursement patterns in real time.
3. Further reduce the benchmark interest rate by at least 200–300 basis points over the next two quarters to make credit affordable for manufacturers.
4. Craft and ensure the effective execution of the implementation strategy for the recently approved Nigeria Industrial Policy.
5. Categorize manufacturers as strategic users of gas to remove the gap between what manufacturers and electricity generation companies pay per cubic foot of gas.
6. Introduce a stable, transparent gas pricing framework for manufacturers and prioritize local gas supply before exports.
Flutterwave buys Mono for $40 million
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