Regulatory Alerts2024-05-31 | TED/FEM/PUB/FPC/001/017RE: Further Clarifications on the Circular on Cash Pooling of Repatriated Oil And Gas Export Proceeds by International Oil Companies (IOCs)
The Central Bank of Nigeria issued a circular to authorized dealer banks, clarifying the rules for international oil companies (IOCs) regarding cash pooling of repatriated oil and gas export proceeds. The bank states that 50% of the repatriated export proceeds can be sold to authorized dealers or eligible foreign exchange users. If an IOC has no financial obligations during or after the 90-day retention period, they may also sell the entire 50% balance in the same manner.
Tags
fx