Post by Trade Coach on Nov 27, 2020 18:22:08 GMT 1
The Cocoa Exporters Association of Nigeria has disclosed that 100,000 tons of cocoa beans are trapped at Nigerian ports due to a CBN documentation approval, which forces exporters to ensure that sales from export are repatriated to Nigeria.
This was disclosed by Pius Ayodele, President of the Cocoa Exporters Association of Nigeria, in a report by Bloomberg. He added that the approval process could take as much as 40 days from CBN.
A Cocoa industry stakeholder told Bloomberg that CBN paused exports for over 2 weeks to ensure exporters complied with the new rules, “We have five containers at the ports, some of which have left the factory for well over two months now."
Source: nairametrics.com/2020/11/27/100000-tons-of-cocoa-stranded-at-ports-due-to-cbn-documentation-cocoa-exporters/
This was disclosed by Pius Ayodele, President of the Cocoa Exporters Association of Nigeria, in a report by Bloomberg. He added that the approval process could take as much as 40 days from CBN.
A Cocoa industry stakeholder told Bloomberg that CBN paused exports for over 2 weeks to ensure exporters complied with the new rules, “We have five containers at the ports, some of which have left the factory for well over two months now."
Source: nairametrics.com/2020/11/27/100000-tons-of-cocoa-stranded-at-ports-due-to-cbn-documentation-cocoa-exporters/
