The Central Bank of Nigeria (CBN) has announced the suspension of approvals for the extension of export proceeds repatriation on behalf of exporters.

This directive which was issued through a circular dated January 8, 2025, take immediate effect.

The suspension applies to both oil and non-oil export transactions.

According to the apex bank, the move aims to enforce compliance with existing foreign exchange regulations.

The circular signed by the acting Director of the CBN’s Trade & Exchange Department, W.J. Kanya, outlined provisions in the Foreign Exchange Manual (Revised Edition, March 2018) as the basis for the decision.

These provisions include Memorandum 10A (23a) and Memorandum 10B (20a).

“With effect from the date of this circular, the Central Bank of Nigeria will no longer approve requests for extension of repatriation of export proceeds by Authorized Dealers on behalf of their customers.

“For the avoidance of doubt, proceeds of oil and non-oil exports are to be repatriated and credited into the exporters’ export proceeds domiciliary accounts within 180 days and 90 days from the bill of lading date for Non-Oil and Oil & Gas exports, respectively,” the circular said.
(Source: channels)

Aggrieved disengaged staff members of the Central Bank of Nigeria who were relieved of their jobs in a mass layoff in 2024 have sued the apex bank at the National Industrial Court of Nigeria, NICN, in Abuja.

The aggrieved staff members, in an originating summons, filed on July 4, 2024, under the NICN Civil Procedure Rules 2017, raised several questions for determination.

They are asking the court to determine whether they were denied their constitutional rights to a fair hearing before and after their appointments were terminated while they claimed that the CBN violated internal policies, Nigerian labour laws, and their contractual rights.

The claimants are Stephen Gana, Kabiru Idris, Benedict Agbo, Peter Adeyemi, John Yisa, Eleanor Ihua, Stephen Ambore, Edom Obi, Dabo Chundung, Ekpe-Oko Roupa, Alabi Mubarak, Isa Yusuf, Quadru Ralph, Olasupo Adedokun, Dauda Yusuf, Ogidi Tolu, Levi David, Umar Kurba, Christopher Alfred, Gana Nma, Tanko Joel, Iyare Christian, Paul Iza, Alzebeokhai Esiemokhai, Pius Odunze, Isiuwe Uwadiahu, Vivienne Usoro, Imoh Francis, Ofili Lydia, Onunkwor Christopher, Adeshina Nurudeen, Bukar Ahmed and Ajayi Omosolape.

The 33 of them, represented by Okwudili Abanum, in a class action lawsuit, argued that the termination process, carried out through letters, titled, ‘Reorganizational and Human Capital Restructuring’, dated April 5, 2024, violated both the CBN human resources policies and procedures manual and Section 36 of the Nigerian constitution.

They added that the process lacked the necessary consultation and fair hearing mandated by law.

According to them, the termination letters, issued based on restructuring, were arbitrary, illegal, and unconstitutional.

On this note, the claimants sought an order declaring their dismissal null and void.

Additionally, the claimants sought a restraining order to prevent the CBN from firing them without following the proper procedures.

They also prayed to the court for a declaration ordering their immediate reinstatement, and payment of salaries and benefits from the date of termination.

The suit referenced Article 16.4.1 of the HRPPM, which mandates consultation with the joint consultative council and adherence to fair procedures before employment actions adversely affect staff.

The claimants noted that the provision was flagrantly disregarded, as they were given just three days to vacate their positions and hand over official property.

They also sought N30 billion in general damages for psychological distress, hardship, and reputational harm caused by the dismissal; and an additional N500 million as the cost of the suit.

In another document dated November 20, 2024, during the first mention of the suit, the court urged the parties in the dispute to seek an amicable resolution of the matter.

The presiding judge, Justice O. A. Osaghae said “This is a new matter, it is mentioned for the 1st time. I have looked at the processes and it is my view that parties should attempt an amicable resolution of this dispute. Consequential, parties are encouraged pursuant to section 20 of the NICA 2006, to attempt amicable settlement”.

Meanwhile, the CBN represented by a team of lawyers led by Inam Wilson informed the court that they had filed a preliminary objection to the claimants’ suit dated November 4, 2024, and he had recently been served with the claimants’ wish to respond to the counter.

Justice Osaghae, following the defendant’s counsel submission, adjourned to January 29, 2025, for a hearing of the preliminary Objection.

Recall that in 2024, the apex bank terminated the appointments of about a thousand staff in four batches between March and May of the aforementioned year.

While some laid-off staff claimed that they received severance payments as low as N5,000, others said their gratuities were absorbed entirely to offset outstanding loans.

Although the layoff was officially attributed to reorganisation and human capital restructuring, the affected staff argued that the process violated the CBN Act, which mandates board approval for significant employment decisions.

On December 4 last year, the Central Bank said its early exit package was entirely voluntary and without any negative repercussions for eligible staff.

The Central Bank of Nigeria, CBN, has imposed a fine of N150 million on Deposit Money Banks found culpable of issuing illegal flow of mint naira notes to currency hawkers across the country.

This was contained in a statement by the acting Director of Corporate Communications of the apex bank, Sidi Ali Hakama in Abuja.

The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes still in circulation.

The statement reaffirmed that the denominations remained valid legal tender in line with a Supreme Court ruling issued on November 29, 2023, and warned against hoarding.

Following the clarification, CBN in a circular signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi on Friday, said it was concerned about the increasing prevalence of mint naira notes being traded by hawkers.

The apex bank described the practice as impeding efficient and effective cash distribution to customers and the general public.

The circular, which referred to an earlier directive dated November 13, 2024, highlighted CBN’s determination to address the commodification of the naira.

According to the directive, any branch of a financial institution found guilty will face a penalty of N150m for the first violation.

The apex bank warned that any subsequent infractions would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act, BOFIA, 2020.

To ensure compliance, the apex bank stated that it would increase periodic spot checks in banking halls and ATMs while deploying mystery shoppers to uncover illicit cash hawking spots across the country.

The circular read, “The CBN has noted with dismay the prevalence of illicit flow of mint banknotes to currency hawkers and other unscrupulous economic agents that commodify Naira banknotes, thus impeding efficient and effective cash distribution to banks’ customers and the general public.

“CBN will continue to intensify the periodic spot checks to the banking halls/ATMs to review cash payouts to banks’ customers, as well as mystery shopping to all identified cash hawking spots across the country.

“In this regard, any erring deposit money banks or financial institutions that are culpable of facilitating, aiding, or abetting, by direct actions or inactions, the illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents that commodify Naira banknotes shall be penalised at first instance N150,000,000.00, One hundred and fifty million Naira, only, per erring branch, and at later instances, apply the full weight of relevant provisions of BOFIA 2020,” the statement read.