Nigeria’s central bank has eased foreign exchange rules for international oil companies, allowing them to retain and repatriate the full value of their export earnings immediately.
The new directive removes a previous “cash pooling” policy that required firms to keep part of their proceeds in local banks for up to 90 days, a measure introduced during a severe dollar shortage in 2024.
Officials say the change is part of broader reforms aimed at liberalizing the FX market, stabilizing the naira, and restoring investor confidence.
While the move may not instantly boost dollar supply, industry executives say it improves cash-flow management and reduces financial risk for oil producers, signaling a more flexible approach to Nigeria’s foreign exchange regime.
CNBC Africa
