CBN Revises FX Rules for Transparency

The Central Bank of Nigeria announced that it is concluding work on a revised foreign exchange manual aimed at improving transparency, strengthening documentation standards, and widening participation in the FX market. The updated guidelines are part of broader reforms designed to enhance efficiency and governance within Nigeria’s FX management framework.

The manual will introduce clearer rules for foreign exchange transactions, tighten compliance requirements, and improve oversight through the electronic FX management system. According to the CBN, these reforms are expected to create a more predictable and credible market environment.

The bank noted that the recent introduction of the Nigerian Foreign Exchange Code has already strengthened ethical conduct among authorised dealers. It also highlighted that the deployment of the Bloomberg-powered electronic FX monitoring system has transformed the process by ensuring real-time reporting, mandatory order submission, and better transparency.

The central bank reiterated that breaches of FX regulations will attract strict penalties as part of ongoing efforts to stabilise the market and build investor confidence.