For years, Nigeria’s foreign exchange market has been shaped as much by uncertainty as by supply and demand. Importers complained about delays and documentation bottlenecks. Exporters often questioned whether existing procedures encouraged them to repatriate earnings through official channels. Investors worried about policy reversals and access to foreign exchange. The banks found themselves navigating changing regulations, multiple directives, and periods of market stress.
Against that backdrop, the launch of the fourth edition of the CBN’s Foreign Exchange Manual represents more than a regulatory update. It is the latest stage in a broader effort by monetary authorities to build a foreign exchange market governed less by discretion and more by clear rules, transparency and accountability.
The revised manual, which became effective on 1 June, comes after nearly eight years since the previous edition was issued in 2018. During that period, Nigeria’s economy experienced a global pandemic, oil price volatility, foreign exchange
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