The Central Bank of Nigeria (CBN) has removed the cash pooling requirement previously imposed on international oil companies (IOCs), allowing them full access to their repatriated export proceeds.

In a circular dated March 25, 2026, and addressed to all authorised dealer banks, the CBN said the decision was part of ongoing reforms to improve liquidity and stability in the foreign exchange (FX) market.

In accordance with an earlier directive issued in 2024, banks were permitted to pool 50 per cent of export proceeds on behalf of IOCs, while the remaining 50 per cent was held for 90 days before repatriation.

The new directive reverses that arrangement, granting oil firms unrestricted access to 100 per cent of their export earnings.

The CBN said authorised dealer banks must ensure proper documentation of such transactions and submit monthly reports to its Trade and Exchange Department.

The latest directive, it noted, supersedes all previous circulars on cash pooling and takes immediate effect.

The move is expected to further liberalise the FX market and enhance dollar liquidity in the economy.