Image: Aty Jorbes / Wikimedia Commons, CC BY-SA 4.0
Changes cover electronic interbank trading, IMTOs, service exports, capital importation and e-CCIs, domiciliary accounts and PAPSS.
The Central Bank of Nigeria issued the fourth edition of its Foreign Exchange Manual in May 2026, effective 1 June 2026. It is the first comprehensive revision in eight years and supersedes the 2018 edition. The Manual comprises 21 memoranda.
Key changes
According to Olaniwun Ajayi LP, the 2026 Manual: expands participation by authorised dealers; mandates electronic trading for interbank spot foreign exchange transactions; sets new rules for international money transfers and international money transfer operators (IMTOs); recognises service exports, digital platforms and technology service providers; reforms capital importation, electronic Certificates of Capital Importation, foreign investment and repatriation; revises domiciliary account rules; incorporates the Pan-African Payment and Settlement System (PAPSS) and AfCFTA-related payment mechanisms; and strengthens anti-money laundering, reporting and market discipline requirements.
The Manual also names “the Public” among market participants, confirming that unlicensed individuals transacting in foreign exchange for personal, business or investment purposes are subject to its rules.
Why it matters
The Manual governs how foreign investors bring in capital and repatriate dividends, loan repayments and sale proceeds. The e-CCI remains the key document for guaranteed access to foreign exchange for repatriation, and investors should confirm that capital imported under earlier rules is properly documented. Recognition of service exports matters for Nigerian technology and professional services firms earning foreign currency, including law firms with international clients.
PAPSS integration could reduce reliance on dollar correspondent banking for intra-African trade. Tighter reporting obligations increase the compliance burden on banks and, through them, on customers making cross-border payments.
Businesses should review domiciliary account usage, foreign currency borrowings (which require registration to preserve repatriation rights), and payments to foreign service providers against the new Manual. The Manual sits alongside the CBN’s 2026 payments and data localisation directives and its proposed bank holding company rules.
Advisers should update transaction documents and closing checklists that refer to the 2018 Manual.
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