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ARTICLE · 10 JULY 2026

The CBN’s 2026 Foreign Exchange Manual: Key Reforms And Practical Implications For Businesses

WTS Blackwoodstone
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On 16 May 2026, the Central Bank of Nigeria launched the 2026 FX Manual, marking the first comprehensive review of Nigeria's foreign exchange regulatory framework in nearly a decade.

NigeriaFinance and Banking
Innocent Mbey
Innocent Mbey
Merry Ikatari
Merry Ikatari

1.0 Introduction

On 16 May 2026, the Central Bank of Nigeria (“CBN”) launched the 2026 FX Manual of its Foreign Exchange Manual (“2026 FX Manual”), which took effect on 1 June 2026. The 2026 FX Manual replaces the previous edition issued in 2018 and constitutes the first comprehensive review of Nigeria's foreign exchange regulatory framework in almost a decade. Its introduction comes amid a significantly transformed foreign exchange landscape shaped by exchange rate unification, rapid fintech growth, fluctuating oil revenues and ongoing reforms aimed at restoring investor confidence. This article examines the key regulatory changes introduced by the 2026 FX Manual and assesses their practical implications for authorised dealers, corporates, exporters, investors, and the broader Nigerian economy.

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