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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