The Central Bank of Nigeria (CBN) has approved the full repatriation of export proceeds by International Oil Companies (IOCs), allowing them to access 100% of their foreign exchange earnings through authorised dealer banks.
The directive was contained in a circular issued by the apex bank’s Trade and Exchange Department and published on Wednesday, signalling a further shift towards foreign exchange market liberalisation.
Signed by the Director of the department, Dr Musa Nakorji, the circular stated that the policy forms part of broader reforms designed to strengthen liquidity and stabilise the Nigerian FX market.
The directive was contained in a circular issued by the apex bank’s Trade and Exchange Department and published on Wednesday, signalling a further shift towards foreign exchange market liberalisation.
Signed by the Director of the department, Dr Musa Nakorji, the circular stated that the policy forms part of broader reforms designed to strengthen liquidity and stabilise the Nigerian FX market.