THUR MAR 26 2026-theGBJournal| In a significant policy shift aimed at boosting foreign exchange inflows, the Central Bank of Nigeria (CBN) has approved full repatriation of export proceeds for International Oil Companies (IOCs).
”The IOCs may repatriate 100% of their export proceeds through the ADBs, who shall ensure adequate documentation and submit a monthly report to the Director, Trade & Exchange Department,” the CBN said in a circular released late Wednesday.
The move marks a departure from previous restrictions and is expected to enhance liquidity in Nigeria’s FX market while improving investor confidence in the oil and gas sector.
The apex bank also announced the removal of the cash pooling requirement, a directive that previously mandated oil firms to consolidate export earnings within designated accounts.
Recall that the CBN in 2024 issued two circulars, allowing 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.
By dismantling this framework, the CBN is signaling a more flexible and market-friendly approach, allowing companies greater autonomy over their foreign currency flows.
Analysts say the twin measures could incentivize increased production and exports, as IOCs gain clearer visibility and control over their revenues.
The policy is also seen as aligning Nigeria more closely with global best practices, potentially attracting fresh investment into upstream operations at a time when capital flows remain highly selective.
The policy shift underscores the CBN’s intent to deepen FX market efficiency, reduce distortions, and strengthen Nigeria’s external position.
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