CBN Unveils New Forex Manual to Boost Market Liquidity
The Central Bank of Nigeria has officially launched the fourth edition of its Foreign Exchange Manual, with the revised framework scheduled to take effect on June 1, 2026, as part of a strategic effort to enhance transparency and market confidence.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, stated this during the unveiling in Abuja this Friday, that the initiative is a response to evolving global economic complexities and domestic structural adjustments, aiming to modernize Nigeria’s foreign exchange administration in line with international best practices.
The revised manual introduces several significant policy changes, including a requirement that 75 percent of travel allowances be disbursed electronically and an upward review of allowable advance payments for imports from 15 percent to 30 percent.
Deputy Governor Muhammad Abdullahi emphasized that the reforms prioritize the “Ease of Doing Business” by reducing administrative bottlenecks, providing unfettered access for export proceed holders, and harmonizing guidelines for Bureau De Change operations.
Financial stakeholders and government representatives have lauded the new manual as a strategic tool for restoring market discipline and fostering a more efficient experience for legitimate users of the Nigerian foreign exchange ecosystem.
