Nigeria's central bank updates foreign exchange manual to stabilize market
via Punch Nigeria9 min read
The Central Bank of Nigeria CBN has launched the fourth edition of its Foreign Exchange Manual, an update designed to bring more clarity, transparency, and accountability to the country's foreign exchange market. The revised manual, effective June 1, comes after nearly eight years since the previous edition and aims to align foreign exchange administration with current economic realities, including a global pandemic, oil price volatility, and exchange rate reforms. CBN Governor, Mr. Olayemi Cardoso, stated that foreign exchange is a critical enabler for any open economy, anchoring price stability and facilitating trade. Deputy Governor, Economic Policy Directorate, Dr. Muhammad Abdullahi, highlighted that the review is part of a broader strategy to restore confidence, improve transparency, deepen liquidity, and strengthen the market's overall functioning. Key changes include harmonizing Personal Travel Allowance and Business Travel Allowance disbursements, increasing allowable advance payments for imports from 15% to 30%, and making Form NXP processing free of charge for export transactions. The manual also introduces provisions for service exports, technology-sector remittances, and Pan-African Payment and Settlement System transactions, reflecting changes in Nigeria's economic structure. Additionally, it removes the mandatory Form A requirement for remittances using ordinary domiciliary accounts and allows tuition fee payments of up to $25,000 per semester for studies abroa
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Senator Austin Akobundu, representing the Abia Central Senatorial District, stated that the South East stands to benefit significantly if former Vice President Atiku Abubakar wins the next presidential election. Senator Akobundu expressed enthusiasm for the public support shown, interpreting it as a sign of trust and confidence in the political direction championed by Atiku and his supporters. He described Atiku as one of Nigeria's most experienced politicians, possessing extensive knowledge of governance, national unity, and economic management, which he believes are crucial for repositioning the country. According to Akobundu, the former Vice President understands Nigeria's challenges and has the political wisdom and national perspective needed to restore stability and development. He also suggested that an Atiku-led administration would bring greater inclusion and opportunities for the South East, emphasizing the region's need for a leader who values equity, fairness, and national integration. Akobundu referenced Atiku's role during former President Olusegun Obasanjo's administration, where he helped coordinate an economic team that fostered reforms and economic growth. The senator further noted that the strong turnout for Atiku in the recently concluded ADC presidential primary indicates that party members and supporters remain optimistic about his prospects.
Stephen Mangongo, the new coach of Nigeria's national men's cricket team and High Performance Manager of the Nigeria Cricket Federation, has invited 35 players to a 14-day training camp. This camp is in preparation for the 2026 Namibia Tri-Series. Mangongo, who recently signed a three-year deal with the NCF, will lead the team in his first assignment at the Tri-Series, scheduled from June 18 to 29 in Windhoek. He is working with former Female Yellow Greens head coach Leke Oyede and fitness coach Seye Olympio. The 35-man squad, selected from the recent Nigeria Super League, includes a mix of experienced players and new talents. Regulars include captain Sylvester Okpe, Nigeria Super League MVP Isaac Danladi, and Super League-winning captain Sulaimon Runsewe. Other established players are Isaac Okpe, Kenneth Boniface, Prosper Useni, Ridwan Kareem, Rahmon Ali, Peter Aho, Saturday Elijah, Sesan Adedeji, Solomon Chilemanya, Taiwo Mohammed, Vincent Adewoye, Selim Salau, Chiemelie Udekwe, David Ankrah, and Elijah Olaleye. Newcomers feature Oyo State star Chima Akachukwu, Eghosa Aghedo, Elochukwu Ndubudem, Eweka Ogbemudia, Gideon Durotoye, Ifeanyi Uboh, Ismail Abdullahi, Jimoh Abdulrahman, Miracle Akhigbe, Muheez Animashaun, Odion Isesele, Okasha Isiyaku, Reigneth Osagie, Samuel Mba Okwara, Victor Ipoli, Wareez Azeez, and Abolarin Abdulrasheed. The squad will be reduced to 16 players before the tournament, where Nigeria will compete against Namibia and Hong Kong, China, in a T20I tri-
The Athletics Federation of Nigeria has scheduled national trials for the 2026 Commonwealth Games from June 20 to 22 at the Yaba College of Technology Sports Complex in Lagos. The federation has also released qualification standards for athletes. The three-day event will include 32 track and field events for both men and women. Participation in the men’s and women’s 100m, 200m, and 400m events is restricted to athletes who have met prescribed qualifying standards between April and June 2026, while other track and field events are open. For Nigeria-based athletes, the 100m qualifying standard is 10.60s for men and 11.55s for women. The 200m standard is 21.85s for men and 23.75s for women, and the 400m standards are 48.50s for men and 54.50s for women. For foreign-based athletes, the 100m qualifying standard is 10.05s for men and 11.17s for women. The 200m standard is 20.48s for men and 22.60s for women, and the 400m standards are 45.50s for men and 51.30s for women. The AFN stated that this arrangement ensures top-form athletes compete in sprint events while maintaining broad participation in other disciplines. Accommodation will be provided for athletes who meet the required standards, and a list of qualified athletes is expected soon. AFN President Tonobok Okowa acknowledged the National Sports Commission's support for the federation and Nigerian athletes.
World record holder Tobi Amusan achieved her first victory of the season at the Rabat Diamond League, setting a new meeting record. The Nigerian athlete won the women's 100m hurdles in 12.28s, matching her season's best. This performance placed her ahead of Devynne Charlton, who finished second in 12.40s, and Nadine Visser, who took third in 12.47s. Amusan's winning time is the joint-third fastest of her career, with her world record of 12.12s from the 2022 World Championships remaining her fastest. She expressed satisfaction with her execution and the win, noting the electrifying atmosphere in Rabat. Amusan, a three-time Diamond League champion, aims to stay healthy and continue performing at a high level in upcoming events, including the Diamond League finale and the Commonwealth Games.