Nigeria has removed key foreign exchange restrictions, allowing international oil companies full access to their export proceeds in a move aimed at improving dollar liquidity and restoring investor confidence, according to Business Insider Africa.
The reform, introduced by the Central Bank of Nigeria, eliminates the previous cash-pooling arrangement that required partial repatriation of earnings, enabling oil firms to retain and freely utilize 100% of their export revenues through authorized channels.
Authorities say the decision is part of a broader strategy to liberalise the FX market, stabilise the naira, and attract foreign investment, particularly in the energy sector where capital inflows remain critical.
CNBC Africa notes that the policy shift enhances cash flow flexibility for oil producers and signals a more market-driven approach to foreign exchange management, although its impact on overall dollar supply and currency stability may take time to fully materialise.
