By Muhammad Mamman
The Central Bank of Nigeria (CBN) has announced plans to revise its foreign exchange (forex) operations manual as part of renewed efforts to stabilise the naira, amid unprecedented activity on the Nigerian Exchange that saw total transactions soar to N11.9 trillion in 2025.
The move, according to market analysts, signals the apex bank’s determination to tighten oversight, eliminate grey areas in the forex market and restore confidence among local and foreign investors following months of currency volatility.
Sources familiar with the development said the revised forex manual will address existing loopholes, clarify participation rules for authorised dealers, and strengthen compliance requirements in line with the CBN’s ongoing market reforms. The review is also expected to align forex operations more closely with the bank’s broader objective of achieving transparency, liquidity and price discovery in the official market.
The announcement comes against the backdrop of a record-breaking performance by the Nigerian capital market. Data from the Nigerian Exchange Group show that total stock market transactions climbed to an all-time high of N11.9 trillion in 2025, reflecting heightened investor activity despite macroeconomic headwinds.
Financial experts say the surge in equity trading underscores growing appetite for Nigerian assets, but warn that sustained gains depend largely on currency stability. “A clearer and more predictable forex framework is critical. Investors want assurance that the rules are consistent and fairly enforced,” an investment banker in Lagos said.
The naira has faced persistent pressure in recent months, driven by foreign exchange demand, global economic uncertainties and domestic structural challenges. In response, the CBN has rolled out a series of measures aimed at improving dollar supply and curbing speculative activities.
Market watchers believe the planned revision of the forex manual could mark a turning point if effectively implemented, helping to calm the currency market while reinforcing confidence in Nigeria’s financial system.
The CBN is expected to engage key stakeholders, including banks and other authorised market participants, before the updated manual is formally issued.
