The Central Bank of Nigeria (CBN) has issued updated foreign exchange rules aimed at improving trade compliance. The new guidelines, effective immediately, require importers and exporters to adhere strictly to the 2026 Foreign Exchange Manual.
The CBN emphasized that clearer transaction rules and improved documentation are essential for strengthening Nigeria's international trade. Officials stated that the changes are designed to reduce fraud and ensure transparency in foreign exchange transactions.
This update follows a series of regulatory changes aimed at stabilizing the Nigerian economy. The CBN has been working to improve the country's trade balance by making foreign exchange transactions more predictable and secure. The new rules also align with international trade standards, enhancing Nigeria's position in global markets.
