The Central Bank of Nigeria (CBN) has stopped international oil companies from repatriating 100% foreign exchange proceed to their mother companies overseas.

The Director of Trade and Exchange Department at the apex bank, Hassan Mahmud, made this known in a circular dated February 14, 2024.

JUST IN: FG, States Mull Creation of State Police

BREAKING: CBN Bars Oil Companies From Remitting 100% Forex Proceeds Abroad
Politics & Governance · BREAKING: CBN Bars Oil Companies From Remitting 100% Forex Proceeds Abroad
Editorial Opinion

The Central Bank of Nigeria (CBN) has stopped international oil companies from repatriating 100% foreign exchange proceed to their mother companies overseas. The Director of Trade and Exchange Department at the apex bank, Hassan Mahmud, made this known in a circular dated February 14, 2024.

— goodeveningnigeria.com Editorial Team
Tags
#CBN
E
Author
Emeka Obi
Senior political and economy reporter covering Nigeria from Abuja. Over 12 years of experience tracking government policy, legislative affairs, and Nigeria's evolving business landscape.