CBN Implements Reforms to Enhance Cross-Border Payments

The Central Bank of Nigeria (CBN) is addressing cross-border payment bottlenecks and foreign exchange transaction processes to enhance Nigerian businesses' involvement in regional and international trade. At the CBN Special Day during the 40th Lagos International Trade Fair, Mrs Hakama Sidi-Ali, Director of Stakeholder Engagement and Institutional Relations, outlined initiatives such as the 2026 Foreign Exchange Manual, Electronic Foreign Exchange Matching System (EFEMS), Nigerian FX Code, and the Pan-African Payment and Settlement System (PAPSS).

These reforms aim to modernize foreign exchange transactions, improve transparency, and facilitate cross-border payments. Sidi-Ali emphasized the importance of a transparent foreign exchange market for business planning and reducing uncertainty.

She noted that macroeconomic stability is crucial for trade competitiveness, allowing businesses to plan production and make investment decisions confidently. Over the past three years, the CBN has implemented reforms to restore monetary discipline and strengthen confidence in the economy, with headline inflation decreasing to 14.63 percent in September 2026 from a peak of 34.8 percent in November 2024.