Central Bank of Nigeria (CBN) Updates Restrictions on Repatriation of Proceeds by International Oil Companies (IOCs) in Nigeria
Recent changes from the Central Bank of Nigeria (CBN) have modified restrictions on repatriating foreign exchange proceeds from oil and gas exports by International Oil Companies (IOCs) operating in Nigeria.
In a circular issued by Dr. Mahmoud Hassan, the Director of Trade and Exchange at CBN, IOCs are now permitted to utilize oil and gas export proceeds within the country for settling petroleum tax obligations and contractors’ invoices.
In a previous circular from February 2024, CBN had specified that only 50% of oil and gas export proceeds could be immediately withdrawn.
Additionally, CBN mandated that revenue from IOCs must remain within the country for a minimum of 90 days before being repatriated.
However, the updated circular now states that companies can utilize the 50% that is ...