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JUST IN: CBN Frowns At Exporting Without Documentation, as Proceeds hits $5.6bn

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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.

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CBN: 60 newly recruits staff laments three years of waiting without engagement

The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.

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• CBN Governor, Olayemi Cardoso

A group of newly recruited staff of the Central Bank of Nigeria (CBN) have cried out over delayed posting and onboarding into various positions since August 28, 2023.

The Guardian reported that according to the employees, the Apex Bank issued the offer, which was followed by an acceptance copy and instructions to resign from their previous places of work, where applicable, as part of documentation.

“We all tendered resignation letters to our former employers at that time to enable us to proceed with the CBN process,” one of the affected employees, Emmanuel Linus Dabo, who spoke on behalf of others,, told newsmen on Monday.

According to him, the application process started in April 2023, where their resumé were submitted to the Headquarters of CBN, and after some time, they received emails from the Human Resources Department for interview and aptitude tests.

“We did a medical examination at the bank’s medical clinic, where a code was given to individual applicants before we could access the hospital.

After the interview and medical and aptitude tests, the successful applicants were contacted by the HR manager to come to CBN Headquarters in Abuja to pick up their offer letter. We filled the acceptance letter without delay,” he said.

He further stated that there was a series of e-mails from the Human Resources office requesting that they forward their credentials for the online documentation, including their acknowledged resignation letters from their previous employers…

The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.

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KPMG, NRS settle rifts over new tax laws

In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.

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KPMG executives and Zaach Adedeji, chairman of the Nigeria Revenue Service (NRS), held a meeting on Monday following the disagreement over the new tax laws.

In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives

However, on January 10, the presidential fiscal policy and tax reforms committee pushed back against KPMG’s critique, noting that KPMG does not understand the laws.

The committee said a significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.

In a statement on Monday, the NRS said that Adedeji hosted a courtesy visit from the delegation of the tax advisory firm.

” During the visit, the KPMG team clarified that their earlier opinion on the new tax laws “had been misconstrued and expressed regret over the misunderstanding.

“They sought further clarity on the provisions of the laws and highlighted areas where recommendations could be made.”

The source said that the meeting ended with the delegation commended the NRS chairman for efficiently and promptly implementing the reforms.

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IMF to release January 2026 World Economic Outlook update on Monday

The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.

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The International Monetary Fund (IMF) will release its January 2026 World Economic Outlook (WEO) Update on Monday, January 19, 2026.

The report will be presented during a press conference hosted at the National Bank of Belgium in Brussels.

The press conference is scheduled for 10:30 a.m. The Brussels time and will be streamed live via the IMF website and Press Centre, allowing journalists to participate both in person and virtually.

The IMF’s economic assessment will be presented by Pierre-Olivier Gourinchas, Economic Counselor and director of the Research Department; Petya Koeva Brooks, deputy director of the Research Department; and Deniz Igan, Division Chief, Research Department.

The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.

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