The Central Bank of Nigeria has unveiled the fourth edition of its Foreign Exchange Manual, advancing reforms designed to enhance transparency, boost liquidity, and strengthen confidence in Nigeria’s FX market.

The revised manual was launched on Friday in Abuja by CBN Governor, Olayemi Cardoso, and will come into effect on June 1, 2026.

Among the major updates is an increase in the allowable advance payment for imports from 15 per cent to 30 per cent, alongside broader regulatory adjustments aimed at modernising foreign exchange administration.

The updated FX Manual will also function as a comprehensive reference for market participants, harmonising procedures, standardising practices, and establishing a framework backed by strong institutional oversight to boost confidence among domestic and international investors.

Speaking at the launch before bank Managing Directors and other stakeholders, Olayemi Cardoso, Governor of the Central Bank of Nigeria, said the revised manual reinforces Nigeria’s macroeconomic foundations and deepens transparency in the foreign exchange market.

“In today’s global environment, marked by volatility and complex cross-border financial flows, the integrity of a country’s FX governance framework is essential for sustaining resilience and confidence,” Cardoso said.

He stated that the revised manual aligns with international best practices and reflects extensive consultation and rigorous technical review.

The Governor noted that the previous edition was issued in 2018, describing the latest update as both timely and essential in response to changing domestic and global economic realities.

Cardoso also stressed that the ongoing foreign exchange reforms — including the updated manual — are designed to establish a forward-looking regulatory framework that promotes greater clarity, consistency, and efficiency in the market.

The revised Foreign Exchange Manual introduces several key changes aimed at streamlining FX operations for individuals and businesses.

Disbursement of Personal Travel Allowance, and Business Travel Allowance will now be structured at 75 per cent electronic transfers and 25 per cent cash.

The allowable advance payment for imports has also been raised from 15 per cent to 30 per cent, while free processing of Form NXP has been introduced.
Other provisions cover service exports,

Pan-African Payment and Settlement System transactions, remittances by technology firms, and non-resident investment accounts, all aimed at improving efficiency and modernising FX administration under the framework of the Central Bank of Nigeria.

The manual is aimed at reducing bottlenecks and improving operational efficiency for authorised dealers, corporates, and other stakeholders in the FX market.

Cardoso urged all market participants — including banks, MDAs, exporters, importers, and private sector operators — to strictly comply with the provisions of the manual to ensure the successful implementation of the reforms.

“Your cooperation is indispensable, and your partnership remains central to the stability and credibility of the Nigerian FX market,” he said.