In a move aimed at liberalizing and deepening the foreign exchange market in line with current market realities, Central Bank has granted International Oil Companies (IOCS) unfettered access to their repatriated export proceeds.
A CBN circular dated 25th March 2026 issued by Director, Trade and Exchange department Dr. Musa Nakorji , it states IOCS may repatriate 100% of their export proceeds through the Authorised Dealer Banks(ADBS) who shall ensure adequate documentation and submit a monthly report to the Director, Trade & Exchange Department.
The policy is part of CBN reforms aimed at creating more liquidity and stability in the Nigerian Foreign Exchange Market.
The bank issued two circulars in 2024, which allowed Authorised Dealer Banks (ADBS) to cash pool 50% of repatriated export proceeds on behalf of International Oil Companies (IOCs) with the remaining 50% retained for 90 days before repatriation.
“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”, CBN circular to banks declares
