CBN Moves to Strengthen Naira with Revised Forex Manual

The Central Bank of Nigeria (CBN) has disclosed that it is finalising a revised foreign exchange (forex) manual, as part of its broader reforms to strengthen transparency, deepen market participation, and restore confidence in the naira.

CBN Governor, Olayemi Cardoso, announced the development weekend at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

He described the revised manual as a key pillar of the apex bank’s ongoing overhaul of Nigeria’s foreign exchange framework.

According to him, the updated manual will streamline operational rules, tighten documentation procedures, expand participation across the market ecosystem, and enhance surveillance on the electronic Foreign Exchange Management System (EFMs).

“To strengthen this framework further, we will shortly be unveiling the revised foreign exchange manual to expand market participation, tighten documentation standards, enhance EFMs surveillance and ensure consistency,” Cardoso said.

He emphasised that reforms introduced earlier in the year—such as the Nigerian Foreign Exchange Code and the deployment of the EFMs powered by Bloomberg BMAT—have significantly improved transparency, real-time oversight, and ethical standards among authorised dealers.