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.
-
Football1 week agoFull list: Six countries already qualified for 2030 FIFA World Cup
-
Football4 days agoBallon d’Or 2026: Yamal, Mbappe, Kane emerge early favourites
-
Business1 week agoScarcity; Dangote triggers further hike in fuel price
-
Football3 days agoPost-World Cup Shake-Up: Managerial changes, record transfers dominate football headlines
-
Latest5 days agoAccountability group questions ₦962.8bn Allocation for empowerment projects, official vehicles in 2026 budget
-
Energy2 days agoNigeria wastes enough gas to Ggenerate 62,400GWh of electricity amid deepening energy crisis — NOSDRA
-
Football3 days agoWAFCON 2026: Super Falcons target winning start as Nigeria face debutants Malawi
-
Business1 week agoThe Bull Market Question: Can Nigerian Stocks Continue Their Rally?