Central Bank Opens Door for 100% Forex Repatriation by Oil Exporters

Nigeria’s central bank has announced a major policy shift that now allows international oil companies operating in the country to take 100% of their foreign exchange earnings out of Nigeria. Previously, firms had to leave part of their export revenue in the country for a set period before repatriating the rest.

Under the new framework, authorised dealer banks will facilitate the full transfer of export proceeds for these companies, provided they complete the necessary documentation and comply with reporting requirements set by the central bank’s Trade and Exchange Department.

The move is part of broader efforts to improve liquidity and stability in the foreign exchange market and to align policies with current market conditions. It replaces earlier guidelines that restricted oil firms to repatriating only half of their revenues immediately, with the remainder held for 90 days.

The central bank has instructed all authorised dealer banks to implement the change immediately, signalling a more liberalised approach to foreign exchange flows for key export earners.