CBN Launches 4th Edition of Foreign Exchange Manual to Strengthen Market Transparency

The Central Bank of Nigeria has unveiled the 4th Edition of its Foreign Exchange Manual, with Governor Olayemi Cardoso saying the revised framework will enhance transparency, consistency and confidence in the country’s FX market.

Speaking at the official launch in Abuja on Friday, Cardoso said the update reflects the CBN’s commitment to strengthening Nigeria’s macroeconomic foundations amid a changing global and domestic economic environment.

“This unveiling reflects our collective commitment to strengthening Nigeria’s macroeconomic foundations, enhancing transparency, and reinforcing confidence in the foreign exchange market,” he said.

Cardoso noted that foreign exchange was more than a financial instrument, describing it as a critical enabler of price stability, trade flows and investor sentiment. He said the integrity of Nigeria’s FX governance framework was essential to sustaining resilience in the face of global volatility and complex cross-border financial flows.

The last edition of the Manual was issued in 2018. Cardoso said ongoing FX market reforms made the revision necessary to provide a more coherent and forward-looking regulatory framework.

“This Fourth Edition is the result of extensive consultation and rigorous technical review, aligned with international best practices,” he said. “It reflects our commitment to modernising foreign exchange administration to enhance clarity, consistency, and market efficiency.”

The Manual will take effect on June 1, 2026. It will be made available at no cost to Authorized Dealers to prioritize compliance over cost recovery.

Cardoso called on Authorized Dealer Banks, corporates, regulators, MDAs, exporters, importers and the private sector to implement the provisions with diligence and professionalism. He said the CBN would strengthen its monitoring framework to ensure consistency, fairness and accountability across the system.

He acknowledged the contributions of the Deputy Governor for Economic Policy, the Trade & Exchange Department, special advisers and other stakeholders in producing the document.

The launch was attended by the Minister of Finance and Coordinating Minister of the Economy, the Minister of Industry, Trade and Investment, CBN Deputy Governors, bank CEOs, heads of MDAs and development partners.

Cardoso said the revised Manual would serve “as a source of clarity, a tool for efficiency, and a foundation for sustained progress within our financial system.”