Tag: International Oil Companies
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CBN stops international oil companies from remitting 100% of forex proceeds
The Central Bank of Nigeria (CBN) has issued a circular in addition to its barrage of moves to boost foreign exchange liquidity, with the latest barring international oil companies (IOCs) from repatriating 100 per cent of their foreign exchange proceeds at once.
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NDDC directs IOCs to pay into CBN offshore account
The Niger Delta Development Commission (NDDC) says it is only in its CBN Offshore Account that international oil companies (IOCs) can pay their monies into. The commission said this in a statement issued by Prof. Kemebradikumo Pondei, the Acting Managing, on Friday in Abuja. According to Pondei, the clarification has become necessary to guide members…