CBN to Launch Revised FX Manual to Boost Market Participation and Strengthen the Naira
The Central Bank of Nigeria (CBN) has said it will soon unveil a revised foreign exchange (FX) manual — a move aimed at deepening market participation and further strengthening the Nigerian Naira.
Speaking at the bankers’ dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, CBN Governor Olayemi Cardoso said the updated manual is part of a broader effort to improve transparency and efficiency in the FX market.
He explained that the revised FX manual will raise documentation standards, widen participation in the FX market, enhance surveillance through the electronic FX-management system, and ensure consistency across authorized FX dealers.
The introduction of the Nigerian FX Code earlier this year laid down clear rules guiding transparency, ethics, governance, and fair dealing among authorized dealers.
Central Bank of Nigeria
Combined with the deployment of the electronic matching system (EF-EMS), this has already improved FX trading by enabling mandatory order submission, real-time regulatory oversight, and better price discovery — helping to restore confidence in the FX market.
Observers believe that the revised FX manual will complement existing reforms, further stabilizing the naira, reducing speculative pressures, and fostering a more transparent, accessible, and efficient foreign exchange market for both businesses and individuals across Nigeria.
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