CBN To Penalize Shipping Companies Exporting Undocumented Cargo

The Central Bank of Nigeria (CBN) has issued a stern warning to shipping companies that export undocumented cargo from the country.

CBN To Penalize Shipping Companies Exporting Undocumented Cargo
CBN Governor, Godwin Emefiele

The CBN Governor, Godwin Emefiele, made this warning during the RT200 Non-Oil Export Summit 2023 held in Abuja on Tuesday. The summit was organized with the theme “RT200: Challenges and Prospects”.

Emefiele highlighted the importance of developing the non-oil export sector, which he said holds vast potential for generating significant foreign exchange earnings.

He emphasized that the CBN regularly monitors and appeals to exporters to document their exports and repatriate proceeds so that they can be utilized optimally for the benefit of the country’s economy.

However, Emefiele revealed that the apex bank was aware that some people try to sidetrack the process by attempting to export their cargo without documentation.

“About three years ago, I had a meeting at the Central Bank of Nigeria in Lagos with the shipping lines. I had said the central bank will be beaming some satellites on undocumented exports,” Emefiele said.

“We had advised the shipping lines at that meeting that we will also be monitoring and if we find that they export cargo without documentation that we will penalize them including placing their accounts on post-no-debit (PND).

“We have so far not done anything like that just because we feel that the shipping lines will be responsible to do what is right. But, if we do not see the kind of cooperation that we expect, I’d have to insist that we do what we need to do.”

The CBN governor further emphasized that Nigeria’s economy relies heavily on the export of non-oil products, and the country cannot afford to lose revenue due to undocumented exports. He urged shipping companies to comply with the rules and regulations, stressing that the CBN would not hesitate to impose penalties on defaulters.

In conclusion, Emefiele called on all stakeholders in the non-oil export sector to work together to enhance the growth and development of the sector. He assured them of the CBN’s commitment to providing the necessary support to boost the sector’s performance.

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