Nigeria lifts restriction on foreign oil companies’ proceeds

International Oil Companies (IOCs) operating in Nigeria can now repatriate 100% of their export proceeds without restriction, according to a new circular issued by the Central Bank of Nigeria (CBN) on 24 March 2026 and signed by its Director of Trade and Exchange, Musa Nakorji.  

The bank said the new measure was introduced to ease foreign exchange shortages and encourage investment in the petroleum sector. Export proceeds in this context refer to overseas revenues from the sale of crude oil and gas.  

Previously, IOCs were permitted to transfer only up to 50% of earnings immediately, with the remainder held for 90 days under a cash‑pooling policy introduced by the CBN in 2024 to boost liquidity and confidence in the foreign exchange market.  

That policy has now been scrapped, granting companies full access to their proceeds, although repatriation transactions must be handled through Authorised Dealer Banks (ADBs). The banks are required to “ensure adequate documentation” and submit monthly reports to the CBN.  

In 2025, Nigeria’s crude oil export proceeds were valued at approximately $31.54bn, down 14.4% from the previous year’s figure of about $36.85bn. While these revenues are earned abroad, IOCs bring the funds into Nigeria’s banking system to cover local operations and taxes before transferring profits offshore.