Nigeria

Nírìlìyà

尼日利亚

central bank

yāngháng

央行

to ease

fàng kuān

放宽

foreign exchange

wàihuì

外汇

regulations

guīdìng

规定

，

to allow

yǔnxǔ

允许

international

guójì

国际

oil

shíyóu

石油

companies

qǐyè

企业

in full

quán é

全额

to repatriate

huì huí

汇回

export

chūkǒu

出口

proceeds

shōuyì

收益

。

New Words

News in English

Nigeria Central Bank Eases Forex Rules, Allowing Oil Companies to Repatriate All Export Proceeds

The Central Bank of Nigeria issued a circular on March 25 allowing international oil companies to immediately repatriate 100 percent of their export proceeds, replacing a previous 50 percent cap, in a move aimed at attracting foreign capital and strengthening forex market liquidity.

On March 25, Nigeria's central bank issued a new foreign exchange policy circular. The circular allows international oil companies to immediately repatriate 100% of export proceeds through authorized banks. Previously, Nigeria's central bank implemented a phased remittance framework in 2024 requiring oil companies to first repatriate 50%, with the remainder requiring a 90-day retention period before repatriation. This policy adjustment took effect immediately and replaced all previous regulations regarding oil companies' foreign exchange arrangements. This move represents an important measure in Nigeria's recent push for economic liberalization, aimed at improving forex market liquidity and attracting more foreign investment into the oil and gas sector. Analysts point out that full repatriation rights will enhance Nigeria's attractiveness to foreign capital and help stabilize the naira exchange rate. Nigeria is Africa's largest oil producing country, and sound forex policy is of vital importance for enhancing foreign investor confidence.

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