Overview

The Central Bank of Nigeria (CBN) has issued a circular on March 25, 2026, removing the cash pooling requirement for International Oil Companies (IOCs). Previously, in 2024, CBN allowed Authorised Dealer Banks (ADBs) to cash pool 50% of repatriated export proceeds from IOCs, with the remaining 50% retained for 90 days before repatriation. The new directive grants IOCs unfettered access to 100% of their repatriated export proceeds, allowing immediate repatriation through ADBs. ADBs must ensure adequate documentation and submit monthly reports to the Director of the Trade & Exchange Department. This directive takes immediate effect and supersedes all previous circulars on cash pooling.

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