CBN Launches New FX Manual to Boost Market Confidence

The Central Bank of Nigeria (CBN) has officially launched the fourth edition of its foreign exchange (FX) manual in Abuja, as part of ongoing efforts to restore order and rebuild confidence in the country's FX market. CBN Governor Mr. Olayemi Cardoso emphasized that the revised framework is a cornerstone of reforms aimed at strengthening transparency and deepening liquidity in the FX market.

The manual, which has not been updated since 2018, addresses long-standing inefficiencies and aims to align Nigeria's FX governance framework with current realities. Key features include stricter compliance enforcement, with extensive sanctions for violations such as round-tripping and false documentation.

The update is expected to improve clarity and efficiency in FX administration, thereby enhancing investor confidence. Additionally, the manual introduces structural changes to transaction processes, including adjustments to import payment thresholds and enhanced reporting requirements for service exports.

These reforms are crucial for stabilizing the macroeconomic conditions and attracting sustainable capital inflows.