CBN Unveils New Forex Manual To Strengthen Transparency, Compliance

The Central Bank of Nigeria on Friday unveiled the fourth edition of its Foreign Exchange Manual, introducing revised guidelines aimed at strengthening transparency, compliance, and confidence in Nigeria’s foreign exchange market.
Speaking at the launch of the manual in Abuja, Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the revised document reflects the apex bank’s commitment to reinforcing confidence in the country’s foreign exchange framework amid evolving global economic realities.
He described foreign exchange as a critical enabler of economic activities, stressing that regulatory systems must continuously adapt to changing global developments.
“Our regulatory system must continue to evolve in response to global happenings,” Cardoso said, adding that the review was intended to provide a more coherent and forward-looking regulatory framework for the market.
The new manual, which takes effect from June 1, 2026, replaces the previous edition last reviewed in 2018.
According to the CBN, the document is designed to serve as a practical guide for authorised dealers, authorised buyers, investors, and members of the public involved in foreign exchange transactions.
The apex bank said the manual codifies procedures, documentation, and compliance requirements necessary for aligning the effective utilisation of foreign exchange with Nigeria’s broader economic and developmental priorities.
It explained that the revised framework would function both as a regulatory instrument and a policy guide for participants in the foreign exchange market.
Among its key objectives are the promotion of order, consistency, and transparency in the inflow and outflow of foreign exchange, as well as the establishment of clear documentation and reporting standards to ensure accountability and traceability of transactions.
The manual also seeks to support national economic priorities by ensuring that foreign exchange is channelled towards productive and essential sectors of the economy.
In addition, the framework is expected to strengthen enforcement and compliance mechanisms through the introduction of clearer penalties for infractions and market abuses.
The CBN said the revised guidelines would help enhance confidence in Nigeria’s foreign exchange market, encourage foreign investment, discourage capital flight, and safeguard the country’s external reserves.
The apex bank added that the measures were also aimed at curbing market abuses and strengthening confidence among stakeholders in the financial system.
Cardoso disclosed that the Foreign Exchange Manual would be made available at no cost to authorised dealers.
“The manual will be available at zero cost to authorised dealers,” he said.