 has released the fourth edition of its Foreign Exchange Manual, aiming to stabilise the FX market.){kind=link}
CBN Releases Fourth Edition of FX Manual to Stabilise Market
The Central Bank of Nigeria (CBN) has released the fourth edition of its Foreign Exchange Manual, aiming to stabilise the FX market through clearer rules, transparency, and stronger compliance.
CBN Governor Olayemi Cardoso said: “Foreign exchange is more than a financial instrument; it is a critical enabler in any open economy. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment.”
The manual, effective from June 1, 2026, replaces the 2018 edition and reflects changes in global and domestic conditions, including oil price volatility, FX shortages, and reforms toward a market-driven currency regime.
Deputy Governor Muhammad Abdullahi explained that the review is part of a broader reform agenda to restore confidence, improve transparency, deepen liquidity, and strengthen FX market functioning. He stressed: “A modern FX market cannot thrive in an environment characterised by opacity, fragmentation, delays, or excessive bottlenecks.”
Key changes include harmonising Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) with Bureau de Change guidelines—75% of transactions must now be processed electronically. Import advance payments were raised from 15% to 30%, while export documentation (Form NXP) is now free of charge.
Other provisions allow tuition payments abroad up to $25,000 per semester, introduce Non-Resident Investment Accounts, and remove the mandatory Form A requirement for remittances via domiciliary accounts, reducing administrative burdens.
Bank CEOs endorsed the reforms. UBA’s Oliver Alawuba said the manual reinforces transparency and discipline, while Access Holdings’ Roosevelt Ogbonna noted it would remove ambiguity and strengthen market confidence.
Finance Ministry officials described the manual as part of Nigeria’s wider reform agenda, but stressed that success depends on consistent enforcement. Cardoso concluded: “The successful implementation of this manual depends on the commitment of all stakeholders.”