CBN launches updated forex manual to enhance market transparency
The Central Bank of Nigeria has introduced the fourth edition of its Foreign Exchange Manual, aiming to improve transparency, liquidity, and confidence in the country’s forex market. Olayemi Cardoso, the CBN Governor, highlighted that the revised manual is part of ongoing reforms to modernise Nigeria’s foreign exchange administration. The manual was developed after extensive consultations with stakeholders and aligns with international best practices. The initiative is expected to reduce transaction bottlenecks and support legitimate business activities.
TLDR
- The Central Bank of Nigeria launched the fourth edition of its Foreign Exchange Manual, with the revised framework scheduled to take effect from June 1, 2026.
- Olayemi Cardoso said the new manual aims to strengthen macroeconomic stability and modernise forex administration.
- The revised manual introduces changes such as increased electronic disbursement for travel allowances and higher advance payment limits for imports.
- It also provides for easier access to export proceeds, new provisions for service exports, and the removal of certain remittance requirements.
- Stakeholders, including commercial banks and government officials like Muhammad Abdullahi and Taiwo Oyedele, praised the reforms for improving transparency and market efficiency.
