The CBN Foreign Exchange Manual 2026 introduces the most significant overhaul of Nigeria’s foreign-exchange regulatory framework in nearly a decade. The Central Bank of Nigeria’s fourth edition of the Manual took effect on 1 June 2026.
The revised framework aims to improve transparency, strengthen compliance, promote digitalisation, encourage capital inflows and align Nigeria’s FX market with international practices.
Key changes in the CBN Foreign Exchange Manual 2026
- Expanded authorised-dealer participation in the FX market.
- Mandatory electronic trading for interbank spot FX transactions.
- New rules for international money transfers and IMTO operations.
- Recognition of service exports, digital platforms and technology service providers.
- Reforms affecting capital importation, e-CCI issuance, foreign investment and repatriation.
- Revised domiciliary-account provisions and compliance requirements.
- Incorporation of PAPSS and AfCFTA-related payment mechanisms.
- Enhanced AML/CFT, reporting and market-discipline requirements.
Businesses, investors, financial institutions and market participants must understand these changes to navigate Nigeria’s evolving foreign-exchange landscape. Our newsletter explains the practical implications for cross-border trade, investment and FX transactions. Visit our Finance practice page for related capabilities.
What the 2026 Foreign Exchange Manual changes
The Central Bank of Nigeria issued the Fourth Edition of the Foreign Exchange Manual in May 2026, effective 1 June 2026. It is the first comprehensive revision in eight years and supersedes the Third Edition of 2018.
The 2026 Manual spans 21 Memoranda. Together, they realign Nigeria’s foreign exchange regulatory framework with prevailing market conditions, international practice and the CBN’s ongoing reform agenda.
Who the Manual applies to
The Manual defines International Money Transfer Operators as CBN-licensed entities facilitating cross-border transfers into Nigeria. Their substantive operational obligations continue under the extant IMTO Guidelines.
Notably, the Manual also names “the Public” among market participants. That inclusion confirms a point businesses sometimes overlook. Unlicensed individuals who engage in FX transactions for personal, business or investment purposes carry compliance obligations of their own. Those cover documentation, use of official channels and transaction limits.
Dealings in foreign exchange
Memorandum 5 substantially reviews how Authorised Dealer Banks deal in foreign exchange. Three themes run through it: market discipline, electronic trading and IMTO settlement.
One change stands out for market participants. All interbank spot transactions must now execute on a CBN-approved electronic platform.
Our newsletter sets out the key changes in each Memorandum and their practical significance, particularly for businesses. Click the button below to read the publication.
