By: Tijani Salako.

The Central Bank of Nigeria (CBN) has granted international oil companies (IOCs) unrestricted access to 100 per cent of their foreign exchange earnings, marking a major policy shift from the phased framework introduced in 2024.

The directive, issued by the CBN’s Trade and Exchange Department and signed by its Director, Musa Nakorji, takes immediate effect and overrides all previous guidelines on cash pooling arrangements for oil firms.

Under the previous framework, authorised dealer banks were allowed to pool 50 per cent of repatriated export proceeds on behalf of oil companies, while the remaining 50 per cent was held for 90 days before it could be accessed. The new policy eliminates that structure entirely.

“IOCs are hereby granted unfettered access to their repatriated export proceeds,” the apex bank stated, adding that authorised dealer banks must ensure proper documentation and submit monthly reports to the Trade and Exchange Department.

The CBN said the move is part of broader efforts to boost liquidity and stabilise Nigeria’s foreign exchange market, noting that the decision reflects current market realities.

By restoring full and immediate access to export earnings, the policy is expected to ease operational constraints for oil companies, reduce friction in the FX market, and improve investor confidence as Nigeria seeks to attract sustained foreign capital inflows.

Authorised dealer banks have been directed to comply with the new guidelines with immediate effect.