The Central Bank of Nigeria’s Fourth Edition of the Foreign Exchange Manual, effective 1 June 2026, marks the most significant overhaul of Nigeria’s foreign exchange regulatory framework in nearly a decade. The revised Manual introduces extensive changes aimed at enhancing transparency, strengthening compliance, promoting digitalisation, encouraging capital inflows, and aligning Nigeria’s FX market with international best practices.
In our latest newsletter, we examine the key developments, including:
• The expansion of authorised dealer participation in the FX market
• Mandatory electronic trading for interbank spot FX transactions
• New rules governing international money transfers and IMTO operations
• Recognition of service exports, digital platforms, and technology service providers within the FX framework
• Reforms to capital importation, e-CCI issuance, foreign investment, and repatriation processes
• Revised domiciliary account provisions and compliance requirements
• The incorporation of PAPSS and AfCFTA-related payment mechanisms
• Enhanced AML/CFT, reporting, and market discipline measures.
For businesses, investors, financial institutions, and market participants, understanding these changes will be critical to navigating Nigeria’s evolving foreign exchange landscape.
Read our analysis of the practical implications of the CBN Foreign Exchange Manual 2026 and what it means for cross-border trade, investment, and FX transactions in Nigeria.
