The Central Bank of Nigeria (CBN) has scrapped its previous cash pooling rule, allowing international oil companies (IOCs) full access to the money earned from crude exports.

This replaces the 2024 rule that restricted access and required part of the funds to stay in Nigeria for a set period.

Now, IOCs can repatriate 100% of their export proceeds through authorised dealer banks (ADBs) without delay. The CBN says the change is meant to improve efficiency in the foreign exchange market and better reflect current economic realities.

Musa Nakorji, Director of the CBN’s Trade and Exchange Department, signed the circular putting the new policy into effect, which overrides all prior guidelines on cash pooling. ADBs are required to document all transactions and submit monthly reports to the CBN.

The previous cash pooling system, designed to manage domestic FX liquidity, required banks to hold 50% of repatriated earnings for 90 days. The central bank now believes full access will streamline export processes and strengthen Nigeria’s FX market.