Nigeria’s foreign exchange market is set for major reforms as the Central Bank prepares a new, clearer FX rulebook.
The Central Bank of Nigeria (CBN) says it is finalising a revised foreign exchange (FX) manual as part of broader reforms to deepen market participation, improve transparency, and strengthen confidence in the naira. CBN Governor Olayemi Cardoso announced this at the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
Cardoso explained that the updated manual will improve efficiency and governance in the FX market by setting clearer rules, tightening documentation, expanding participation, and enhancing surveillance across the electronic FX management system. “We will shortly be unveiling the revised foreign exchange manual to expand market participation, tighten documentation standards, enhance EFMs surveillance and ensure consistency,” he said.
He noted that the Nigerian Foreign Exchange Code introduced earlier in the year has already created a strong ethical foundation. The electronic FX Management System (EFMs), powered by Bloomberg BMAT, has also improved transparency, mandatory order submission, and real-time oversight.
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