The Central Bank of Nigeria has approved the full repatriation of export proceeds by international oil companies, allowing them unrestricted access to 100 per cent of their foreign exchange earnings through authorised dealer banks.
This is a significant departure from the phased framework that has governed their forex access since 2024.
The directive, contained in a circular issued by the CBN’s Trade and Exchange Department and signed by its director, Dr Musa Nakorji, takes immediate effect and overrides all previous guidelines on cash pooling arrangements for oil companies.
Under the 2024 framework, authorised dealer banks were permitted to pool 50 per cent of repatriated export proceeds on behalf of oil companies, while the remaining 50 per cent was held for 90 days before it could be repatriated. The new circular dismantles that structure entirely. “IOCs are hereby granted unfettered access to their repatriated export proceeds,” the CBN said, adding that authorised dealer banks are required to ensure adequate documentation and submit monthly reports to the Trade and Exchange Department.
The CBN framed the decision as part of broader efforts to deepen liquidity and stabilise the Nigerian foreign exchange market, describing it as consistent with “current market realities.” By restoring full and immediate access to export earnings, the policy is expected to ease operational constraints for oil companies, reduce friction in the forex market, and strengthen confidence among foreign investors at a time when Nigeria is seeking to attract sustained capital inflows.
Authorised dealer banks have been directed to comply immediately.
