The Central Bank of Nigeria has officially removed the Cash Pool requirement for export proceeds of International Oil Companies.
The directive was communicated in a circular issued yesterday by the bank’s Director of Trade and Exchange, Dr. Musa Nakorji.
The move, the circular noted, is “to further liberalise and deepen the market in line with current market realities.”
With the new policy, IOCs now enjoy unrestricted access to their repatriated export earnings.
As stated in the circular, “The IOCs may repatriate 100 percent of their export proceeds through the Authorised Dealer Banks, who shall ensure adequate documentation and submit a monthly report to the Director of Trade and Exchange.”
Previously, in 2024, the CBN had instructed Authorised Dealer Banks to cash pool 50 percent of repatriated export proceeds on behalf of IOCs, while the remaining 50 percent was retained for 90 days before it could be repatriated.
The latest development marks a significant relaxation of foreign exchange controls on Nigeria’s oil sector, signaling the central bank’s intent to align policies with evolving market dynamics.
