The Central Bank of Nigeria (CBN) has officially unveiled the 4th Edition of its Foreign Exchange (FX) Manual, a strategic move designed to bolster transparency, liquidity, and overall confidence within the nation’s foreign exchange market. This latest edition, presented in Abuja by CBN Governor Mr. Olayemi Cardoso, is scheduled to take effect on June 1, 2026.
Among the notable regulatory adjustments, the manual increases the allowable advance payment for imports from 15% to 30%, reflecting a modernization of FX administration. The document serves as a comprehensive reference guide for market participants, harmonizing procedures and standardizing practices under a framework of robust institutional oversight. Governor Cardoso emphasized that the revised manual strengthens Nigeria’s macroeconomic foundations and aligns with international best practices, following extensive consultation and technical review.
The update, the first since the 2018 edition, addresses evolving domestic and global economic conditions. It aims to provide a forward-looking regulatory framework that enhances clarity, consistency, and market efficiency. For individuals and businesses, the manual introduces significant operational changes. Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) disbursements will now be processed as 75% electronic and 25% cash. Export proceeds holders and ordinary domiciliary account holders retain unrestricted access, with 100% repatriation permitted for foreign extractive companies. Additionally, Form A is no longer required for domiciliary remittances, reducing bureaucratic bottlenecks.
Governor Cardoso called on all stakeholders—including banks, ministries, exporters, and importers—to adhere strictly to the manual to ensure the success of the reforms. The CBN confirmed that the manual will be provided to Authorized Dealers at no cost to encourage compliance, while pledging to strengthen monitoring to ensure fairness, consistency, and accountability. As the FX market evolves, these reforms aim to instill confidence among domestic and international investors, even as broader economic indicators such as Petrol Consumption Hits new levels and Amazon Reduces Workforce globally. Meanwhile, Kogi State Secures additional funding for infrastructure, Instagram Alerts Parents about new safety features, and Lagos Government Announces updated traffic regulations.
