The Central Bank of Nigeria (CBN) has directed International Oil Companies (IOCs) operating in the country to fund their offshore accounts in two phases.

The apex bank disclosed this in a circular signed by the Director, Trade and Exchange Department, HASSAN MAHMUD, which was issued to all authorised dealer banks.

MAHMUD noted that the IOCs, while ‘cash pooling,’ affect liquidity in the domestic forex market.

The apex bank, henceforth, directed that banks are allowed to pool cash on behalf of IOCs, subject to a maximum of 50 per cent of the repatriated export proceeds in the first instance.

It added that the remaining half may be repatriated after 90 days from the date of inflow of export proceeds.