Regulatory Alerts2026-03-25 | TED/FEM/FPC/PUB/001/003Removal of Cash Pooling Requirement for International Oil Companies (IOCS)
The Central Bank of Nigeria has abolished the cash pooling requirement for International Oil Companies (IOCs), permitting them to repatriate 100% of their export proceeds immediately through Authorized Dealer Banks (ADBs). This new directive supersedes previous guidelines that mandated 50% cash pooling and a 90-day retention period for the remaining 50% of repatriated funds. ADBs must ensure adequate documentation and submit a monthly report on these transactions to the Director, Trade & Exchange Department.
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