Foreign Exchange Regulation and the Legality of Profit Repatriation in Nigeria

Abstract

This paper examines the relationship between foreign-exchange regulation and the legal right to repatriate investment returns in Nigeria. It analyses the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Central Bank of Nigeria (CBN) materials identified in the paper, and selected academic and institutional publications. Using doctrinal legal analysis supported by qualitative review of secondary sources, it distinguishes the legal entitlement to transfer qualifying returns from the practical ability to obtain foreign currency and complete a transfer. The analysis indicates that statutory protections operate alongside documentation and regulatory procedures, while currency availability and policy administration may affect the timing of transfers. Because the study uses legal and documentary sources rather than transaction-level data or interviews, it does not independently measure the frequency or causes of repatriation delays. It argues that clearer procedures, consistent communication of applicable requirements, and transparent administration can help reconcile investor protection with legitimate monetary-policy objectives.