CBN Lifts Restrictions, Allows IOCs Repatriate 100% Export Earnings

The Central Bank of Nigeria (CBN) has granted International Oil Companies (IOCs) unrestricted access to repatriate the full value of their export proceeds via Authorised Dealer Banks (ADBs).

The decision was communicated in a circular issued Wednesday to all authorised dealer banks.

Previously, under guidelines introduced in 2024, banks could pool 50 percent of export proceeds for IOCs, while the remaining 50 percent was retained for 90 days before being repatriated. The policy was aimed at boosting liquidity and maintaining stability in the foreign exchange market.

Announcing the new directive, the CBN said it is part of broader efforts to liberalise and deepen the market.

In the circular signed by Musa Nakorji, the apex bank 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,” it added.

The bank clarified that the directive supersedes previous cash pooling arrangements.

“Please note that this provision supersedes all other circulars issued by the Bank on Cash Pooling,” the statement said.

The CBN further instructed all authorised dealer banks to comply, noting that the new policy takes immediate effect.

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