By Erewunmi Peace

The Central Bank of Nigeria (CBN) has unveiled a new Foreign Exchange (FX) Manual aimed at improving liquidity, transparency, and efficiency in the country’s forex market.

The announcement was made by the CBN Governor, Olayemi Cardoso, during a stakeholders’ engagement in Abuja.

According to the apex bank, the updated manual is designed to strengthen the operations of the foreign exchange market and ensure better compliance with regulatory standards.

The CBN explained that the new framework will also enhance confidence in the forex system by providing clearer guidelines for market participants and financial institutions.

Officials noted that the manual is part of broader reforms targeted at stabilising the foreign exchange market and improving overall economic management in Nigeria.

The bank added that the updated rules are expected to promote greater market liquidity and reduce inefficiencies in foreign exchange transactions.

The new FX Manual is scheduled to take effect from June 1, 2026.

The CBN reaffirmed its commitment to sustaining reforms aimed at ensuring a more transparent and efficient financial system in the country.