The Central Bank of Nigeria (CBN) has officially launched the fourth edition of its Foreign Exchange Manual, introducing updated guidelines aimed at enhancing the efficiency and transparency of the country’s forex market.
The revised manual, which will become operational from June 1, 2026, forms part of the apex bank’s broader efforts to deepen market reforms and restore investor confidence in the foreign exchange ecosystem.
Speaking at the launch event held in Abuja on Friday, CBN Governor Olayemi Cardoso described the new framework as a critical step toward strengthening Nigeria’s macroeconomic stability and modernising foreign exchange operations.
“This unveiling reflects our collective commitment to strengthening Nigeria’s macroeconomic foundations, enhancing transparency, and reinforcing confidence in the foreign exchange market,” Cardoso stated.
Reasons for the Review
The Governor noted that the update to the manual was driven by changing global economic realities, significant domestic structural reforms, and the need to address evolving dynamics in the forex market following recent liberalisation measures.
The revised guidelines are expected to provide clearer operational procedures for market participants, improve liquidity conditions, and foster greater predictability in forex transactions.
Expected Impact
Industry stakeholders believe the new manual will help reduce uncertainties that have plagued the forex market in recent years. By streamlining processes and enhancing regulatory clarity, the CBN hopes to attract more foreign investment inflows and support smoother business operations for importers, exporters, and other key players in the economy.
The launch of the fourth edition underscores the apex bank’s ongoing commitment to building a robust, transparent, and resilient foreign exchange market that aligns with international best practices while addressing Nigeria’s unique economic circumstances.
Further details on specific changes contained in the new manual are expected to be communicated to authorised dealers and the general public in the coming days.
