CBN stops oil companies from remitting 100 percent forex proceeds to their parent company abroad

NIGERIA — The Central Bank of Nigeria (CBN) has stopped international oil companies (IOCs) operating in Nigeria from immediately remitting 100% of their forex proceeds to their parent company abroad. This was disclosed in a circular signed by the apex bank’s Director of Trade and Exchange , Hassan Mahmud where it stated that the practice known as “cash polling” has an impact on liquidity in the domestic forex market... nairametrics.com