CBN: We’ll penalise shipping coys exporting undocumented cargoes

The Central Bank of Nigeria (CBN) has threatened to penalise shipping companies exporting undocumented cargoes from the country.

The CBN Governor, Godwin Emefiele, made the declaration at the Bi-annual RT200 Non-Oil Export Summit in Abuja on Tuesday, May 9.

Emefiele said the apex bank would be monitoring the exporters to document their exports and repatriate proceeds so they can be utilised optimally for the benefit of Nigeria’s economy.

He noted that the shipping lines’ accounts would be placed on Post No Debit order if they export their cargo without documentation.

The CBN Governor said: “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.

“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 further expressed the apex bank’s continued commitment and assurance to strengthening and expanding foreign exchange supply into the market.

Emefiele also urged exporters to take advantage of the summit to name and shame banks that were not responsive to them.

The CBN Governor added 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.

He noted that the momentum for 2023 was equally showing strong numbers and impressive prospects.

Also speaking at the event, Lagos State Governor, Babajide Sanwo-Olu, commended the CBN for initiating the programme, saying it was a critical step for diversifying the economy.

Sanwo-Olu, who was represented by the Lagos State Commissioner for Economic Planning and Budget, Samuel Egube, 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.

The Star