Regulatory Alerts2024-02-14 | TED/FEM/PUB/FPC/001/004Added · Updated
Requirements for Foreign Currency Cash Pooling on behalf of International Oil Companies (IOCs) in Nigeria
The Central Bank of Nigeria (CBN) has issued a directive to authorized dealer banks regarding foreign currency cash pooling on behalf of International Oil Companies (IOCs) operating in the country. The directive aims to balance the need for IOCs to access their export proceeds easily while minimizing the negative impact on Nigeria's foreign exchange market liquidity. Banks are now allowed to pool cash for IOCs, with some requirements and conditions, including a maximum of 50% repatriation of export proceeds initially and the fulfillment of specific documentation.
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