Regulatory Alerts2024-05-06 | TED/FEM/PUB/FPC/001/008Further Clarifications on The Circular on Cash Pooling of Repatriated Oil And Gas Export Proceeds by International Oil Companies (IOCS)
The Central Bank of Nigeria clarifies cash pooling guidelines for authorized dealer banks facilitating transactions for international oil companies (IOCs). Banks can immediately pool 50% of repatriated oil and gas export proceeds and use the remaining 50% to settle financial obligations in Nigeria within 90 days. Eligible expenses for settlement from the 50% balance include taxes, royalties, domestic contractor invoices, and loan payments.
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