Business
CBN stops foreign oil companies from remitting 100% of forex proceeds abroad
The Central Bank of Nigeria (CBN) has stopped international oil companies from repatriating 100% foreign exchange proceeds to their mother companies overseas at once.
The apex bank said international oil companies can repatriate 50% of their proceeds in the first instance and then the other half after 90 days. The Director of Trade and Exchange Department at the apex bank, Hassan Mahmud, made this known in a circular dated February 14, 2024.
The CBN said it observed that proceeds of crude oil exports by International Oil Companies (IOCs) operating in Nigeria are transferred offshore to fund parent accounts of the IOCs in a phenomenon described as “cash pooling”.
“This has an impact on liquidity in the domestic foreign exchange market. In line with the ongoing reforms in the foreign exchange market, it has become necessary to take measures to address this trend.
-
Business1 week agoDangote Refinery IPO: 70% Subscription claim meets fourfold demand assertion as investors seek clarity
-
Featured4 days agoInside INEC’s race to prepare for Nigeria’s 2027 elections
-
Latest6 days agoUCTH faces morgue crisis as 50 unclaimed corpses await mass burial
-
Featured4 days ago2027: APC unveils nationwide campaign timetable, Tinubu to rally in 12 states
-
Business6 days agoBREAKING: Nigeria’s Inflation Rate Drops to 14.63% in September
-
Aviation1 week agoGermany opens online application route for student, EU Blue Card and other long-stay visas
-
Business4 days agoCourt dismisses ₦170m Trade Fair contract claim, says Zenith Bank was not a party
-
Business5 days agoPresident Tinubu and the Low Transport Fares Fiasco