June 1 (Lagos) - In a circular “dated May 06, 2024, referenced TED/FEM/PUB/FPC/001/008, in respect of Cash Pooling by banks on behalf of IOCs ( International Oil Companies), we received several requests for clarification on item No 3 (cool on forex sales at the Nigeria Foreign Exchange Market”.
Providing more clarifications, the apex bank said the “50% balance of the repatriated export proceeds may be sold to Authorized Dealers or eligible users of foreign exchange with eligible transactions”.
“If the IOC does not have any financial obligation to settle with the funds during or after the 90-day retention period, the 50% balance may also be sold wholly as stated in (1) above,” CBN said.
reporting for easykobo.com on Friday, May 31 2024 from Lagos, Nigeria