The Central Bank of Nigeria (CBN) unveiled the fourth edition of its Foreign Exchange Manual on Friday, a move the bank says will bolster transparency, consistency, and efficiency in the country’s foreign exchange market.
Governor Olayemi Cardoso announced that the revised manual, which takes effect on June 1, 2026, has been updated to align with international best practices as part of a broader drive to modernise FX administration and reinforce market confidence. The CBN stated that the changes are aimed at strengthening Nigeria’s macroeconomic foundations by enhancing the governance and monitoring of foreign exchange transactions.
Developed through extensive consultations with market stakeholders and a rigorous technical review process, the 4th edition will be issued free of charge to authorised dealers to aid seamless implementation and compliance, the bank added. The manual is expected to provide clearer guidance to banks, bureaux de change and other authorised participants on permissible FX transactions, documentation requirements and reporting protocols.
Governor Cardoso stressed that the manual’s success will depend not only on clearer rules but also on professional conduct and robust oversight. He urged market participants to uphold principles of professionalism, accountability and fairness, and said the CBN will strengthen monitoring frameworks to sustain the credibility and stability of the FX market.
The launch comes as policymakers continue efforts to stabilise the naira and attract foreign capital by improving market predictability and transparency. The CBN said the updated manual will support these objectives by reducing ambiguity around FX operations and enabling more consistent enforcement of rules.
