By Boluwatife Oshadiya | March 26, 2026
Key Points
- CBN allows oil firms to repatriate 100% of export proceeds
- New policy replaces 2024 rule limiting immediate access to 50%
- Move aims to boost forex liquidity and deepen FX market
Main Story
The Central Bank of Nigeria has approved full repatriation of export proceeds for International Oil Companies (IOCs), granting them unrestricted access to 100 per cent of their foreign exchange earnings.
The directive, issued via a circular from the apex bank’s Trade and Exchange Department, marks a significant shift from its 2024 policy, which restricted immediate repatriation to 50 per cent, with the balance held for 90 days.
Under the new framework, oil firms can now repatriate their entire export proceeds through authorised dealer banks, subject to documentation and reporting requirements.
The CBN said the move is part of broader reforms aimed at improving liquidity and enhancing efficiency in Nigeria’s foreign exchange market.
The previous policy also required regulatory approval for cash pooling arrangements and imposed compliance conditions on expenditure reporting. These constraints have now been removed, with the latest directive superseding all earlier guidelines.
The change is expected to ease operational bottlenecks faced by multinational oil companies and improve capital mobility within the sector.
What’s Being Said
“To further liberalise and deepen the market in line with current realities, IOCs are hereby granted unfettered access to their repatriated export proceeds,” said Dr Musa Nakorji, Director, Trade and Exchange Department, CBN.
Energy economist Dolapo Oni commented: “This is a strong signal to foreign investors that Nigeria is serious about FX market reforms, especially in the oil and gas sector.”
What’s Next
- Immediate implementation by authorised dealer banks
- Potential increase in FX market liquidity in coming months
- Investors to watch impact on naira stability and capital flows
The Bottom Line:
The policy reversal removes a key friction point for oil majors and could improve forex inflows. Its success, however, will depend on broader FX market stability and investor confidence.
, granting them unrestricted access to 100 per cent of their foreign exchange earnings.){kind=link}