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Nairaland Forum / Nairaland / General / Business / CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad (13471 Views)
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CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by SoNature(m): 7:41pm On Feb 15 |
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.Source: https://nairametrics.com/2024/02/15/cbn-stops-international-oil-companies-from-remitting-100-of-forex-proceeds-abroad/ 7 Likes 1 Share
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Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by SoNature(m): 7:43pm On Feb 15 |
Yemi Cardoso dey vex; he's trying all the tricks in the book to prove that his isn't a patchy-patchy qualification If NNPC had been a serious state-run oil corporation, Nigeria would have sent many IOCs back to their countries and kept all the USD here. In the other news, I thought that with all these CBN policies flying up and down banks would stop Nigerians who have dorm accounts from accessing their hard-earned USD. I was happy when I went to bank yesterday and withdrew some real cash in USD 72 Likes 2 Shares |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by Faiththatworks(m): 8:01pm On Feb 15 |
This is a very good move by the CBN, anything to retain some foreign exchange in Nigeria is a welcome development. I even expect the CBN to go a step further and mandate all these IOC to retain at least 10-20% of the foreign earnings in Nigeria. Although the NNPCL is supposed to retain Nigeria's share of the earning,but we all know most of the funds is paid into the Consolidated fund and shared by FAAC,and some remitted to our foreign reserve. Il believe the CBN should go the whole hog and make the law,the continued milking of Our resources to cater for some foreigners must stop. I want to use this opportunity to applaud Nigerians on Nairaland who have continued to use these hard times to proffer great solutions to the Government. I keep repeating it, Nairaland should be the bastion of intellectual discourse online. I'm very happy for all those who keep giving suggestions despite the hardship,I read of the person who gave suggestions on a thread some day ago on the BTA some days ago and now Government implemented some of his suggestions. I will continue to advocate for Nairalanders to keep making useful suggestions to Government,don't ever feel your advice is not seen,I'm sure someone somewhere will read it. We will not allow the hardship blunt our thoughts,this is time to come together to overcome this hardship with suggestions and ideas. God bless Nigeria 97 Likes 13 Shares |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by Epstein(m): 8:06pm On Feb 15 |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by mcbreeze: 8:10pm On Feb 15 |
Guessing work. FG should work on our export. All this will stop 8 Likes 4 Shares |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by peleson1: 8:11pm On Feb 15 |
It's ok . It means that at everytime,we v some dollars in naira domiciled in Nigeria.. In a nullshell...no fleeing dollar 2 Likes 3 Shares |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by matify83: 8:13pm On Feb 15 |
Everyday, one new directive from Cardoso. What difference does it make if IOC repatriate their fund in one whole or have to do it in 2 tranches 90 days apart besides creating an illusion of FX liquidity in the country. Creating another FX backlog like was done with the aviation industry that saw major airlines pulling out of our country. Policy summersault from one of the "Lagos whiz kids" 40 Likes 4 Shares |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by Deogratiasfx: 9:08pm On Feb 15 |
Naira on life support........... 4 Likes |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by jesmond3945: 10:10pm On Feb 15 |
Faiththatworks:then foreign investors will leave. 6 Likes 1 Share |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by Jlow2: 10:13pm On Feb 15 |
All his policies has failed dollar is 1700, for each policy he makes dollar increases , it will be 2000 by next week 2 Likes |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by History555: 10:16pm On Feb 15 |
Remit 50% now, remit the balance after 90 days. All na the same they sent back the entire package 9 Likes 1 Share |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by Babamide(m): 12:02am On Feb 16 |
All these tortoise brained policies. Trying to use debt to back the Naira into stability. All the one Buhari's government stopped Airlines and Telecom companies from remitting has been paid up now. 2 Likes 1 Share |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by yang(m): 12:31am On Feb 16 |
Reduce Naira liquidity This will further depress forex Inflows and further investment in the sector They will sell cargoes to counterparties via foreign correspondent banks Nigeria will not see 1 dollar in the transaction You might as well expropriate IOCs, it's a more coherent policy 3 Likes 1 Share |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by aderadio1: 1:40am On Feb 16 |
They will collect their payment offshore. |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by Russi: 5:38am On Feb 16 |
i wish you understood how much IOCs hate dealing with the Nigerian government. NNPC/Nigeria hardly ever fulfils their part of any deal. THEY ALL WANT TO LEAVE, MANY ARE TRAPPED. THOSE REMAINING DEEPLY CORRUPT LOCAL MANAGMENT. For FDIi its over 6 Likes |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by skj1377(m): 6:13am On Feb 16 |
Will not solve the problem. Rather push the problem 3 extra months away. 1 Like |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by RingRoadCartel: 6:14am On Feb 16 |
Tinubu is inadvertently inviting the military to take over 4 Likes |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by Crystalline(f): 6:14am On Feb 16 |
Confused people |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by gaby(m): 6:15am On Feb 16 |
Make una continue una madness. The Indian investors are coming with the $14T investment they can't repatriate profits from. What investor are you inviting with this sort of nonsense policy? Confused Dullards. 4 Likes |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by Akfrenzy(m): 6:15am On Feb 16 |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by marvellous2222: 6:16am On Feb 16 |
God help this country 1 Like |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by Smartguyboy(m): 6:16am On Feb 16 |
Non of his policies have worked the naira keep falling soon it will reach 2000 all because you want your tribeman to be there . 1 Like |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by Nonybb: 6:17am On Feb 16 |
What are these people talking about! Address the antecedent of the naira fall which is that Buhari and his nephews printed trillions of naira illegally which prompted the note to be access. Until Buhari that Son of perdition, is arrested with Emefiele, the Fulani idi@tts that did this havoc with Buhari can never be unraveled 1 Like |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by WhatIf: 6:18am On Feb 16 |
It is well with my dear Country 2 Likes |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by david22uu(m): 6:19am On Feb 16 |
This is a very bad PR for the country, You just scared away any real investor So i invest in your country ad you tell me i have to wait for 90 days to pull out the remaining 50% of my profit not for any reason but to boost Liquiduty ... This is MMM Faiththatworks: 6 Likes 1 Share |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by Fiscus105(m): 6:20am On Feb 16 |
This what you guys supposed to have done long before now, but Nigeria with fire brigade approach. In America and other advance nations, they allow you to operate and possibly making billion of dollars profit in their territory, only tiny of such money would be allowed for you to move away from their territory. With this, even wen u make so much money, which is personal to you, the Money will not leave the land, hence others would continue benefiting from it, by way of loan or other areas. TODAY, ELON MUSK IS HAVING HUNDREDTH OF BILLIONS DOLLARS IN AMERICA BANKS, BUT HE CAN ONLY ENJOY IT LARGELY IN AMERICA SOIL. THEY WOULD NEVER ALLOW HIM TO MOVE IT TO SOUTH AFRICA, HIS ORIGIN. EVEN WHEN THEY SERIOUSLY IN NEED OF DOLLARS IN THEIR ECONOMY. 7 Likes 2 Shares |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by GeneralDae: 6:20am On Feb 16 |
mcbreeze:How long do you think that should take? We've been working on our exports since God knows when. Or do they just wave their hands and Boom: we start exporting? 2 Likes |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by david22uu(m): 6:21am On Feb 16 |
Nonybb: The same Naira that was used in Election sharing . When This OBIDIENT pple Sayed them no dey give Shi Shi , It would have been better, But the current govt gave out so much that they also had to dollarize the economy after creating a big Religion and Ethnic hatred to win. |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by Yusufisraelj(m): 6:22am On Feb 16 |
History555: This will buy time for internal usage. 3 months no be play. That 90 days gives green light not necessarily when you can send. 4 Likes |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by Bluearrow: 6:25am On Feb 16 |
Faiththatworks:There is nothing good about the move! It will only chase foreign investors away which is bad business for our economy!!! 1 Like |
Re: CBN Stops IOCs From Remitting 100% Of Forex Proceeds Abroad by tunwumi: 6:28am On Feb 16 |
Ok |
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