The Central Bank of Nigeria (CBN) is finalising a revised foreign exchange (FX) manual to boost market participation and strengthen the Naira.
Governor Olayemi Cardoso announced this at the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Friday.
CBN Revises FX Manual
He explained that the updated manual forms a key part of ongoing reforms designed to improve efficiency and governance in the FX market.
“Furthermore, the manual will expand participation, tighten documentation, enhance EFMs surveillance, and ensure market consistency,” Cardoso stated.
EFM System Enhancements
The revisions provide clearer rules, strengthen documentation, and expand oversight across the electronic Foreign Exchange Management System (EFMs).
Moreover, the EFM, powered by Bloomberg BMAT, requires mandatory order submission, enables real-time monitoring, and improves price discovery for market participants.
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Earlier this year, the CBN introduced the Nigerian FX Code to set ethical standards and transparency requirements for authorised dealers.
Cardoso also warned banks that any breach of the FX Code would attract strict penalties, reinforcing the CBN’s commitment to market integrity.
Naira Recovery Signals Confidence
Moreover, in recent weeks, the naira has shown signs of recovery, trading below ₦1,450/$1 for four consecutive days at the official FX window.
It closed on Friday at ₦1,446.9/$1, reversing last week’s pressures that had pushed the currency above ₦1,450/$1.
With the revised FX manual, alongside the FX Code and EFM improvements, the CBN aims to create a transparent, predictable, and credible FX market.
Ultimately, these reforms form part of a broader strategy to deepen market participation, boost investor confidence, and strengthen the Naira’s stability.
