The Central Bank of Nigeria (CBN) on Friday officially unveiled the fourth edition of its Foreign Exchange Manual, with the updated framework set to become operational on June 1, 2026. The revised guidelines are part of broader reforms designed to strengthen transparency, boost liquidity, and restore confidence in the country’s foreign exchange system.
Speaking at the launch ceremony in Abuja, CBN Governor Olayemi Cardoso said the new manual reflects the bank’s ongoing drive to reinforce macroeconomic stability while modernising forex administration.
“This unveiling reflects our collective commitment to strengthening Nigeria’s macroeconomic foundations, enhancing transparency, and reinforcing confidence in the foreign exchange market,” Cardoso said.
He explained that the update was necessary due to shifting global economic conditions, domestic structural reforms, and continued efforts to diversify foreign exchange earnings while managing inflationary pressures.
“Over the past decade, the global economy has become increasingly complex and uncertain, while the domestic economy has undergone structural adjustments, including efforts to diversify foreign exchange earnings and manage inflationary pressures,” he said.
According to Cardoso, the fourth edition followed extensive consultations and technical reviews and was aligned with global best practices. He stressed that implementation would be crucially dependent on cooperation from banks, corporates, regulators, government agencies, importers, exporters, and other stakeholders.
“Your adherence is essential, your cooperation indispensable, and your partnership remains central to the stability and credibility of the Nigerian foreign exchange market,” he stated.
He also noted that the CBN would intensify monitoring to ensure compliance, fairness, and accountability across the market. To support rollout, the manual will be distributed free of charge to authorised dealers.
“To support seamless adoption, the Manual will be readily available at no cost to Authorised Dealers, reflecting our priority on compliance over cost recovery,” Cardoso said.
CBN Deputy Governor for Economic Policy, Muhammad Abdullahi, said the reform forms part of a wider institutional overhaul aimed at restoring confidence and improving efficiency in the forex ecosystem.
He explained that the review was designed to align Nigeria’s forex operations with current market realities and international standards.
“The revised Manual we are unveiling today is therefore not a standalone exercise, but part of a broader and deliberate institutional reform effort designed to strengthen the integrity, credibility, and effectiveness of Nigeria’s foreign exchange ecosystem,” Abdullahi said.
He added that the review process involved broad consultations with stakeholders across both public and private sectors and was guided by an “Ease of Doing Business” approach to reduce bottlenecks and improve efficiency.
“Our goal is to reduce transaction frictions, improve processing timelines, deepen market confidence, encourage formal market participation, and create a more seamless and efficient experience for legitimate users of Nigeria’s foreign exchange market,” he said.
Abdullahi outlined several key policy changes introduced in the updated manual, including the harmonisation of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) disbursements, with 75 per cent to be paid electronically and 25 per cent in cash.
He also highlighted the increase in import advance payment limits from 15 per cent to 30 per cent, removal of Form NXP processing fees, and new provisions covering service exports, PAPSS transactions, technology remittances, and non-resident investment accounts.
Additional reforms include permission for foreign currency payments for services where earnings are in foreign currency, and structured tuition payments for overseas education capped at $25,000 per semester.
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Exporters and domiciliary account holders will also enjoy improved access to funds, including full repatriation of export proceeds in the extractive sector.
He further noted the removal of mandatory Form A requirements for certain remittances and strengthened compliance measures to improve oversight and transparency.
Representing the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, Permanent Secretary Special Duties Mohammed Danjuma described the revised manual as a key instrument for improving accountability, investor confidence, and operational efficiency.
“This initiative reflects our unwavering commitment to reforms that promote macroeconomic stability, accountability, and sustainable growth,” Danjuma said.
He added that the updated framework would strengthen compliance, remove ambiguity in forex operations, and align Nigeria with global standards.
“I’m confident that this manual will significantly improve market discipline, support ease of doing business, and align our practices with international standards and global best practices,” he said.
In his remarks, Chairman of the Body of Banks’ Chief Executive Officers and Group Managing Director of United Bank for Africa, Oliver Alawuba, praised the CBN for its reform efforts, saying they had improved confidence in the economy.
“The table has been turned. There’s so much greater confidence in the Nigerian economy, thanks to the reform that has been conducted by the Central Bank of Nigeria,” Alawuba said.
He assured that commercial banks would fully support the implementation of the revised manual and comply with its provisions.