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
FG Plans to Extend Lagos Rail Line to Murtala Muhammed Airport Terminals
Keyamo noted that Lagos accounts for 67 per mcent of passenger traffic through Nigeria’s airports.
The Minister of Aviation and Aerospace Development, Festus Keyamo, announced at the ongoing Invest in Lagos 3.0 summit, that the federal government has concluded arrangements to extend the existing Lagos rail network to the domestic and international terminals of the Murtala Muhammed Airport (MMA).
The move is aimed at improving connectivity and strengthening Lagos’ position as an aviation hub in Africa.
He said discussions between his ministry and the state government are ongoing.
The extension will link the rail line that currently terminates at Ikeja Bus Stop to the airport.
According to Keyamo, the line will pass through the General Aviation Terminal (GAT), continue to the Murtala Muhammed Airport Terminal Two (MMA2) operated by Bi-Courtney Aviation Services Limited (BASL), and end at the international terminal.
“That rail line is about to start. It is the extension of the rail line. So, Lagos is just ready for the next big step in terms of its aviation activities,” the minister said.
The project is expected to ease access to Nigeria’s busiest airport. It also supports the government’s ambition to position Lagos as a major aviation and logistics hub on the continent.
The proposed link will complement Lagos’ expanding rail network.
Last month, the Lagos State Government said the Blue Line carried about 3.5 million passengers in 2025, with daily ridership rising to 15,000 commuters. Work continues on its extension to Okokomaiko and expansion of services on the Red Line.
Keyamo noted that Lagos accounts for 67 percent of passenger traffic through Nigeria’s airports.
He argued that the state’s location gives it a natural advantage to compete with established aviation hubs.
“Just six hours across the Atlantic, you will get to South America from the Lagos airport. Six hours down, you will get to Southern Africa. Six hours to the Middle East, you will get to Dubai or Qatar. Six hours up, you will get to Europe, either France or London.
That is the equidistant advantage that Lagos provides as a hub for the whole of Africa. We will soon catch up with hubs like Addis Ababa and Lome,” he said.
The minister also highlighted ongoing investments in airport infrastructure under President Bola Tinubu’s administration.
He said about $500 million has been committed to reconstructing and modernising the international terminal at Lagos airport.
The investment will transform the ageing facility into a modern airport capable of handling growing passenger and cargo traffic.
Keyamo added that the federal government has expanded Nigeria’s international airport network. Victor Attah International Airport in Uyo and Maiduguri International Airport have been designated as international airports, bringing the total to seven.
He said the resolution of the long-running dispute between BASL and the federal government shows the administration’s commitment to creating an enabling environment for private sector participation in aviation.
He urged local and foreign investors to explore opportunities in the sector, including the proposed airport project in the Lekki-Epe corridor promoted by the Lagos State Government.If implemented, the airport rail extension will provide direct rail access to the country’s busiest aviation gateway.
It will complement ongoing investments in Lagos’ mass transit system and support broader efforts to improve mobility in Nigeria’s commercial capital.
Business
Exchange Rates Today, Wednesday 10 June, 2026
Black Market Rates
US Dollar (USD) Buy ₦1,390 Sell ₦1,400
Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875
EURO (EUR) Buy ₦1,000 Sell ₦1, 100
Official CBN Exchange Rates
US Dollar (USD) ₦1,360.55
Great British Pound (GBP) ₦1,823. 00
EURO (EUR) ₦1,873.61
SWISS FRANC (CHF) ₦1,709. 02
JAPANESE YEN (JPN) ₦8.49
CHINESE YUAN (CNY) ₦200.92
West African CFA (XOF) ₦2.40
West African Unit Account (WAUA) ₦1,856. 66
SAUDI RIYAL (SAR) ₦362. 38
SOUTH AFRICAN RAND (ZAR) ₦82.71
Black Market Rates
US Dollar (USD) Buy ₦1,390 Sell ₦1,400
Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875
EURO (EUR) Buy ₦1,000 Sell ₦1, 100
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦180 Sell ₦200
Ghana Cedi (GHS) Buy ₦100 Sell ₦115
West African CFA Buy ₦2,450 Sell ₦2,550
Central African CFA Buy ₦2,320 Sell 2400
Australian Dollar Buy ₦800 Sell ₦900
Credit: CBN I Aboki Forex
Business
Invest in Lagos 3.0 Summit Attracts more than 600 delegates
Ohibaba.com reports that the summit, themed “Lagos: The Business Gateway to Africa,” featured presentations from representatives of the Presidency and the governors of Lagos, Imo, Abia, Plateau, Taraba and Nasarawa states.
• Representatives of government and private sector delegates at the summit
Invest in Lagos 3.0 Summit attracted more than 600 delegates—including global institutions, sovereign wealth funds, development finance institutions and trade networks.
Ohibaba.com reports that the summit, themed “Lagos: The Business Gateway to Africa,” featured presentations from representatives of the Presidency and the governors of Lagos, Imo, Abia, Plateau, Taraba and Nasarawa states.
The host governor, Babajide Sanwo-Olu, called for increased private sector investment in rail transport, energy, agriculture, agro-processing and water infrastructure.
He said that addressing transportation challenges would unlock Lagos’ economic potential, reduce travel time, boost productivity and improve returns on investment.
Minister of Finance, Dr. Taiwo Oyedele, assured investors of the Federal Government’s commitment to creating a conducive business environment through ongoing fiscal reforms. He said the new tax law has eliminated multiple taxation, improved compliance and provided relief for small and medium enterprises.
Oyedele added that stamp duty collection has been transferred to state governments and commended states that have adopted harmonised tax systems.
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