Nigeria's Central Bank allows repatriated oil and gas proceeds for domestic use, including contractor invoices and taxes, with a 90-day minimum retention before removal.
Nigeria's Central Bank has clarified that repatriated oil and gas proceeds can be used domestically to pay contractor invoices, tax requirements, and other financial obligations. The CBN stated in a circular dated May 6th that after the initial 50% export proceeds cash pool allowed for oil and gas companies, the remaining 50% could be used for various obligations provided it remains in the country for a minimum of 90 days before being removed. The decision aims to minimize negative impact on Nigeria's foreign exchange market.
May 07, 2024
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