The Central Bank of Nigeria on Friday, announced that international oil companies can sell their retained 50 per cent of repatriated export proceeds in the Nigerian Foreign Exchange Market. This decision comes after the CBN placed limits on the transfer of crude export proceeds by IOCs to offshore parent company accounts on February 14. The apex bank noted that these transfers affected domestic foreign exchange market liquidity and sought to reverse the trend through ongoing reforms. Kanya, banks can only transfer 50 per cent of repatriated export proceeds to IOCs’ offshore parent company accounts, with the remaining 50 per cent repatriated after 90 days. Providing more clarifications, the apex bank said the “50% balance of the repatriated export proceeds may be sold to Authorized Dealers or eligible users of foreign exchange with eligible transactions”.

Source: Punch June 01, 2024 21:58 UTC