The Central Bank of Nigeria has introduced a comprehensive overhaul of Nigeria’s foreign exchange framework with the release of its Forex Manual (4th Edition), signalling stricter controls on imports, tighter monitoring of exports, and tougher penalties for non-compliance….
The Central Bank of Nigeria has introduced a comprehensive overhaul of Nigeria’s foreign exchange framework with the release of its Forex Manual (4th Edition), signalling stricter controls on imports, tighter monitoring of exports, and tougher penalties for non-compliance.
The new guidelines, which cover import procedures, export documentation, insurance payments and foreign remittances, are designed to curb abuse in the foreign exchange market, improve transparency, and strengthen the country’s external reserves.
Under the revised framework, all import transactions must be backed by a valid Form ‘M’, with strict timelines imposed for the submission of shipping and exchange control documents.
https://www.cbn.gov.ng/Out/2026/CCD/The%20new%20Forex%20Manual%20-%204th%20Edition.pdf
Importers are required to ensure that all documentation is genuine, verifiable, and routed through authorised banking channels, as part of efforts to eliminate trade-based money laundering and illicit capital flows.
The apex bank also standardised the exchange rate for import duty payments, directing that duties be calculated using the prevailing Nigerian Foreign Exchange Market (NFEM) rate published daily by the CBN.
In a move to limit capital flight, the manual caps advance payments for imports at 30 per cent of transaction value and places a ceiling on interest rates for trade-related credit at 0.5 per cent above the Secured Overnight Financing Rate (SOFR), with a maximum tenor of 180 days.
On the export side, the CBN has made it mandatory for all exporters to process Form NXP, regardless of the value of goods.
Export proceeds must be repatriated within 180 days for non-oil exports and 90 days for oil and gas shipments, reinforcing efforts to boost foreign exchange inflows.
The guidelines also introduce stricter inspection requirements, mandating pre-shipment verification and the issuance of Clean Certificates of Inspection before goods can be exported.
Exporters are further required to pay the Nigerian Export Supervision Scheme (NESS) levy, set at 0.5 per cent for non-oil exports and 0.12 per cent for oil and gas exports.
In addition, the manual strengthens oversight of insurance-related forex transactions, restricting foreign currency-denominated policies for residents and requiring regulatory clearance for certain offshore payments.
The CBN said the new measures are aimed at enhancing discipline in the foreign exchange market, improving data accuracy on trade flows, and ensuring that export earnings are fully captured within the Nigerian financial system.
Analysts say the policy marks one of the most far-reaching reforms in Nigeria’s forex management in recent years, with significant implications for importers, exporters, banks and investors.
