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The Central Bank of Nigeria (CBN) has announced that it is close to releasing a revised foreign exchange (FX) manual as part of wider efforts to increase participation in the currency market, improve transparency and restore confidence in the naira.
The CBN Governor, Olayemi Cardoso, disclosed this on Friday in Lagos while speaking at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria. He said the updated manual forms an important pillar of the bank’s reforms aimed at improving governance and operational efficiency in the FX market.
According to Cardoso, the new manual will introduce clearer guidelines for market operators, strengthen documentation requirements, widen market participation and enhance monitoring within the electronic Foreign Exchange Management System. He explained that the reforms are designed to create a more structured, predictable and credible FX market.
He added that the earlier introduction of the Nigerian Foreign Exchange Code had already laid a strong foundation for improved professional conduct and transparency among authorised dealers. The governor also highlighted the impact of the electronic Foreign Exchange Management System, which is powered by Bloomberg BMAT, noting that it has transformed FX operations through compulsory order submissions, real-time monitoring and improved price discovery.
In January, the apex bank approved and published the Nigerian Foreign Exchange Code, describing it as a key guide for banks and other FX market participants. The Code is intended to ensure high standards of professionalism and integrity in currency transactions, in line with global best practice.
The CBN has stressed that the introduction of the FX Code is part of its broader strategy to stabilise and strengthen the foreign exchange market. Cardoso also warned that breaches of the Code would not be treated lightly, adding that strict sanctions would be imposed on any institution found in violation.
Meanwhile, recent data shows that the naira recorded a modest improvement at the official foreign exchange market this week. The currency traded below the N1,450 to the dollar mark for four straight days, reversing the sharp pressure seen the previous week. According to CBN figures, the naira closed trading on Friday at N1,446.9 to the dollar.
