The Central Bank of Nigeria (CBN) has said it is finalising a revised foreign exchange (FX) manual that will soon be released as part of broader efforts to deepen market participation, improve transparency and reinforce confidence in the naira.
CBN Governor, Olayemi Cardoso, announced this at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Friday.
He explained that the updated manual is a key component of ongoing reforms aimed at improving efficiency and governance within the FX market.
According to Cardoso, the revised manual is expected to set clearer rules, strengthen documentation processes, expand participation, and enhance surveillance across the electronic FX management system. These improvements, he said, are targeted at creating a more predictable, transparent and credible market structure.
“To strengthen this framework further, we will shortly be unveiling the revised foreign exchange manual to expand market participation, tighten documentation standards, enhance EFMs surveillance and ensure consistency,” the apex bank Governor said.
Cardoso noted that the introduction of the Nigerian Foreign Exchange Code earlier in the year has already provided a strong foundation for ethical conduct and transparency among authorised dealers. He added that the deployment of the electronic Foreign Exchange Management System (EFMs), powered by Bloomberg BMAT, has revolutionised FX operations by ensuring mandatory order submission, real-time oversight and enhanced price discovery.
What you should know
In January, CBN approved the release of the Nigerian Foreign Exchange (FX) Code, a move aimed at fostering ethical conduct and transparency within the nation’s foreign exchange market.
In a statement on the apex bank’s website, it disclosed that the Code, which will serve as a vital guideline for the banking industry, is designed to ensure that authorised dealers uphold the highest standards of professionalism and integrity when conducting FX transactions.
The CBN emphasized that the introduction of the FX Code is part of its ongoing efforts to enhance the stability and integrity of Nigeria’s FX market.
Also, Cardoso warned banks that any violation of the FX Code would attract severe penalties.
Nairametrics reports that the Naira posted a stronger performance this week at the official foreign exchange window, trading below the N1,450/$1 threshold for four consecutive days, a notable shift from last week’s steep pressures that pushed the currency consistently above that mark.
The Naira closed the week at N1,446.9/$1 on Friday, according to CBN data.
