Central Bank of Nigeria Grants International Oil Companies Unfettered Access to 100% Export Forex Proceeds

The CBN grants International Oil Companies 100% access to export proceeds, removing previous 90-day restrictions to boost FX market liquidity.

By: AXL Media

Published: Mar 26, 2026, 6:03 AM EDT

Source: The information in this article was sourced from LEADERSHIP

A Decisive Move Toward Foreign Exchange Liberalization

The Central Bank of Nigeria has officially approved the full and immediate repatriation of export proceeds by International Oil Companies, marking a major shift in the nation’s monetary policy. In a circular released on Wednesday, the apex bank’s Trade and Exchange Department announced that IOCs are now granted "unfettered access" to 100 percent of their foreign exchange earnings. This move is designed to deepen the local FX market and provide the necessary liquidity to stabilize the Naira amidst evolving global economic conditions.

Dismantling the 2024 Phased Repatriation Framework

The new directive effectively supersedes the restrictive framework introduced in 2024. Under the previous rules, authorized dealer banks were required to pool 50 percent of repatriated proceeds on behalf of oil firms, while the remaining 50 percent was essentially "locked" for 90 days before it could be accessed or repatriated further. By removing this staggered structure, the CBN is addressing a significant pain point for global energy firms operating within Nigeria’s borders, allowing for more efficient capital management and operational flexibility.

Strengthening Market Liquidity and Investor Confidence

Director of the Trade and Exchange Department, Musa Nakorji, emphasized that the decision aligns with broader reforms to create a more transparent and stable Nigerian Foreign Exchange Market. Financial analysts suggest that by allowing IOCs to control their earnings fully, the CBN is signaling a commitment to market friendly policies. This is expected to not only ease the operational constraints of existing oil firms but also act as a catalyst for attracting fresh foreign direct investment into the upstream petroleum sector.