By Elizabeth Adegbesan
The Central Bank of Nigeria, CBN, on Wednesday, granted International Oil Companies (IOCs) unfettered access to repatriate 100 percent of their export proceeds through Authorised Dealer Banks (ADBS).
The apex bank disclosed this in a circular to all authorised dealer banks.
In 2024, the bank issued two circulars, allowing Authorised Dealer Banks (ADBS) to cash pool 50 percent of repatriated export proceeds on behalf of International Oil Companies (IOCs) with the remaining 50 percent retained for 90 days before repatriation.
This measure was in its bid to create more liquidity and stability in the Nigerian Foreign Exchange Market.
The circular signed by the Director of the Trade and Exchange Department, CBN, Dr. Musa Nakorji stated: “To further liberalize and deepen the market in line with current market realities, IOCS are hereby granted unfettered access to their repatriated export proceeds.
“The IOCs may repatriate 100 percent of their export proceeds through the ADBS, who shall ensure adequate documentation and submit a monthly report to the Director, Trade & Exchange Department.
“Please note that this provision supersedes all other circulars issued by the Bank on Cash Pooling.
“All Authorised Dealer Banks are to note and be guided accordingly, as this directive takes immediate effect.”
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