The Central Bank of Nigeria (CBN) has urged importers and exporters to comply with the provisions of its 2026 Foreign Exchange Manual, saying clearer transaction rules and improved documentation are critical to strengthening Nigeria’s international trade.
The Bank said the updated manual, which consolidates and modernises requirements for foreign exchange transactions, provides clearer guidance for businesses and financial institutions, particularly on trade documentation, export transactions and cross-border payments.
Hakama Sidi Ali, director of the CBN’s Stakeholder Engagement and Institutional Relations Department, made this known at the Bank’s special day during the 40th Lagos International Trade Fair on Thursday.
She encouraged businesses engaged in international trade to familiarise themselves with the updated regulatory framework and work closely with their authorised dealer banks to ensure that transactions are properly documented and processed.
“For Nigerian businesses seeking opportunities beyond our borders, clarity of rules and efficient processes are essential,” she said.
The CBN said the updated manual forms part of broader foreign exchange reforms introduced to improve transparency, strengthen market discipline and create a more predictable environment for businesses and investors.
According to the Bank, measures introduced following the unification of the foreign exchange windows include the Electronic Foreign Exchange Matching System (EFEMS) and the Nigerian FX Code, which have helped establish a more efficient, transparent and rules-based foreign exchange market.
It said the reforms were particularly important for importers, exporters, manufacturers and investors, as greater transparency in the foreign exchange market provides a stronger basis for business planning and reduces uncertainty associated with opaque trading arrangements.
“While exchange rates will continue to respond to market conditions, the Bank’s priority is to ensure that the market operates with greater integrity, efficiency and predictability,” Sidi Ali said.
The CBN also highlighted the importance of efficient payment infrastructure in facilitating international trade, noting that businesses require reliable arrangements for receiving payments, managing transaction costs and conducting cross-border transactions.
It cited Nigeria’s growing digital payments ecosystem, which processed approximately 11.2 billion instant payment transactions in 2025, as evidence of the country’s progress in building financial infrastructure to support economic activities.
The Bank said regional payment initiatives, including the Pan-African Payment and Settlement System (PAPSS), offer opportunities to facilitate cross-border transactions and expand trade within Africa, particularly as Nigerian businesses seek to benefit from the African Continental Free Trade Area (AfCFTA).
A manufacturer in Lagos supplying customers in Accra, Nairobi or Johannesburg, it noted, needs reliable arrangements for receiving payments and managing the cost of transactions across borders.
Beyond foreign exchange and payment reforms, the CBN said its banking sector recapitalisation programme was designed to strengthen financial institutions’ resilience and capacity to support productive activities, finance international trade and withstand economic shocks.
However, the Bank acknowledged that access to affordable finance remains a major challenge for many businesses, particularly micro, small and medium-sized enterprises (MSMEs).
Addressing the financing gap, it said, requires coordinated efforts by financial institutions, policymakers and the private sector.
The CBN also identified agriculture, manufactured goods, technology services and creative industries as sectors with significant potential to expand Nigeria’s non-oil exports and generate foreign exchange earnings.
It stressed that realising this potential would require businesses to invest in product quality, standards, packaging, competitiveness and the capacity to deliver consistently, while understanding the requirements of their destination markets.
On the broader economic environment, the Bank said its monetary policy reforms were beginning to deliver encouraging results, with headline inflation moderating to 14.63 percent in September 2026 from a peak of 34.8 percent in November 2024.
It also recalled that the Monetary Policy Committee reduced the Monetary Policy Rate from 26.5 percent to 23 percent at its September 2026 meeting as part of efforts to strengthen monetary policy transmission without compromising price stability.
Sidi Ali said a more stable macroeconomic environment would help businesses estimate production costs, negotiate contracts, manage cash flows and make longer-term investment decisions.
She reiterated the CBN’s commitment to maintaining monetary and financial system stability, promoting an efficient payments system and supporting a transparent and orderly foreign exchange market.
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
