The Central Bank of Nigeria (CBN) issued the Fourth Edition of the Foreign Exchange Manual in May 2026 (the 2026 Manual), effective 1 June 2026. This is the first comprehensive revision in eight years, superseding the Third Edition (the 2018 Manual). Spanning 21 Memoranda, the 2026 Manual realigns Nigeria’s foreign exchange regulatory framework with prevailing market conditions and international best practices, and the CBN’s ongoing reform agenda.
This newsletter sets out the key changes introduced by the 2026 Manual in each Memorandum, and their practical significance for participants in the foreign exchange market, particularly businesses.
Key Changes Under the 2026 Manual
Definitions
The 2026 Manual broadens the definition of ‘Authorised Dealer’ from banks licensed under the Banks and Other Financial Institutions Act 2020 (BOFIA) to any financial institution licensed by the CBN under BOFIA to deal in foreign exchange. This potentially extends authorised dealer status to fintechs, investment banks, brokerage firms, digital financial service providers, and other regulated entities. Additionally, the definition of ‘Foreign Currency’ now expressly includes digital notes or coins, acknowledging the growing relevance of digital assets in cross-border transactions.
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