The Central Bank of Nigeria has approved the full repatriation of export proceeds by International Oil Companies, allowing them to access 100 per cent of their foreign exchange earnings through authorised dealer banks.
The directive was contained in a circular issued by the apex bank’s Trade and Exchange Department and published on its website on Wednesday. In the circular signed by the Director, Trade and Exchange Department, Musa Nakorji, the bank said the move forms part of ongoing reforms to improve liquidity and stability in the foreign exchange market.
The CBN stated that the decision marks a shift from its earlier policy introduced in 2024, which allowed authorised dealer banks to pool 50 per cent of repatriated export proceeds on behalf of oil firms, while the balance was held for 90 days before repatriation.
It said, “As part of the reforms aimed at creating more liquidity and stability in the Nigerian Foreign Exchange Market, the Bank issued two circulars in 2024, allowing Authorised Dealer Banks to cash pool 50 per cent of repatriated export proceeds on behalf of International Oil Companies with the remaining 50 per cent retained for 90 days before repatriation.”
