Regulatory Alerts2026-03-30 | TED/FEM/FPC/PUB/001/003Removal of Cash Pooling Requirement for International Oil Companies (IOCS)
The Central Bank of Nigeria has removed the cash pooling requirement for International Oil Companies (IOCs), allowing them immediate and unfettered access to repatriate 100% of their export proceeds through Authorized Dealer Banks (ADBs). This directive, superseding previous circulars, mandates ADBs to ensure adequate documentation and submit monthly reports to the Trade & Exchange Department. The change aims to liberalize and deepen the foreign exchange market by increasing liquidity and stability, taking immediate effect.
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