CBN allows IOCs to sell 50% of repatriated export proceeds in Nigeria Foreign Exchange Market.
The Central Bank of Nigeria (CBN) has granted international oil companies (IOCs) permission to sell 50% of their repatriated export proceeds in the Nigeria Foreign Exchange Market. This decision follows previous restrictions on the transfer of crude export proceeds to offshore parent company accounts. The CBN aims to improve liquidity in the domestic foreign exchange market through ongoing reforms.
May 31, 2024
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