The Central Bank of Nigeria (CBN) has unveiled a revised foreign exchange framework aimed at improving transparency, market efficiency, and compliance within the country’s forex market. A key highlight of the new guidelines is the approval for travelers to move up to $50,000 in cash across Nigeria’s borders, provided the funds are properly declared to authorities.
Under the updated rules, individuals can still carry up to $10,000 or its equivalent in foreign currency without making a declaration. However, any amount above that threshold and up to $50,000 must now be disclosed at the point of entry or exit. Amounts exceeding $50,000 will require supporting documentation showing the source of the funds through authorized financial institutions.
The revised guidelines form part of the fourth edition of the CBN’s Foreign Exchange Manual, which took effect on June 1, 2026. The apex bank said the reforms are designed to strengthen accountability, streamline forex transactions, deepen market liquidity, and align Nigeria’s foreign exchange administration with international best practices.
Among other changes, the new framework grants greater flexibility to holders of domiciliary accounts, allowing easier access to foreign currency deposits. The guidelines also provide for improved treatment of export proceeds, simplified documentation requirements, and measures intended to encourage greater participation in the formal foreign exchange market.
CBN Governor Olayemi Cardoso said the revised manual reflects ongoing efforts to build confidence in Nigeria’s foreign exchange market through clearer regulations, improved oversight, and enhanced market discipline. The bank believes the reforms will reduce transaction bottlenecks, support legitimate business activities, and create a more transparent operating environment for investors and market participants.
Industry stakeholders have welcomed the updated guidelines, noting that a more predictable and transparent foreign exchange system could improve investor confidence, support economic growth, and strengthen the stability of the naira over the long term.