THE Central {Bank} of Nigeria (CBN) has eliminated the Money Pool requirement for export proceeds of Worldwide Oil Corporations (IOCs).
The choice was conveyed in a round issued by the Director of Commerce and Trade of the {bank}, DrMusa Nakorji, yesterday.
It mentioned the choice was “to additional liberalise and deepen the market consistent with present market realities.”
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In keeping with the round, the IOCs have now been granted unffetered entry to their repatriated export proceeds.
The CBN there mentioned, “The IOCs could repatriate one hundred pc of their export proceeds by means of the Authorised Seller Banks, who shall guarantee enough documentation and submit a month-to-month report back to the Director of Commerce and Trade.”
The {bank} had in 2024 directed ADBs to money pool 50 % of repatriated export proceeds onbehalf of IOCs with the remaining 50 % retained for 90 days earlier than repatriation.
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