- CBN allows oil companies to sell 50% of their repatriated export proceeds in the official FX market
- Move expected to boost FX liquidity and stabilize the naira
Lagos, Nigeria – Nigeria, in a bid to stabilise its currency and raise liquidity in the foreign exchange market, has permitted oil companies to sell part of their oil export proceeds in the official local market. The Central Bank of Nigeria (CBN) announced over the weekend that International Oil Companies (IOCs) operating in the country can now sell half of the balance of their repatriated export proceeds in the official Nigerian Foreign Exchange Market.
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