The Central Bank of Nigeria (CBN) has dismantled the restrictive, pandemic-era controls on ordinary domiciliary accounts, signalling a pivot toward market liberalisation as foreign exchange liquidity shows signs of steady improvement.
Contained in the apex bank’s newly revised Foreign Exchange Manual 2026, the policy shift rolls back the rigid 2020 guidelines. By granting individual savers and diaspora investors unrestricted control over their foreign currency, the CBN hopes to restore eroded confidence and lure idle dollars back into the formal banking ecosystem.
Similarly, the regulator is tightening the screws on corporate export earnings to ensure greater transaction tracking.
Under the fresh guidelines, ordinary domiciliary account holders are guaranteed “unfettered and unrestricted access” to their funds. Individuals can now utilise their foreign currency balances without prior regulatory approval.
The CBN clarified that the bureaucracy of Form A is no longer mandatory for remittances funded directly from these personal accounts. For those needing
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