Cash Repatriation from Nigeria
11 Jul 2020
- It’s important to have a good local team to process regulatory documentation etc.
- Local investment options are limited, most participants use their international relationship banks
- for cash deposits even if they can get higher rates from local banks.
- FX shortage is experienced by all players, but limited amounts can be found from currency
- brokers at increased spread
- Further depreciation of the NGN is expected even if the oil price recovers.
- Preparation for dividends is onerous and it can take a year or more to prepare and original paper
- documents are required
- Preparing royalty fees takes 6 – 9 months and is less onerous provided all the underlying
- agreements are in place
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