Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, on Friday night announced that the apex bank will “shortly” unveil a revised foreign exchange manual aimed at deepening market participation, tightening rules and restoring full confidence in the naira.
Speaking at the Chartered Institute of Bankers of Nigeria (CIBN) annual Bankers’ Dinner in Lagos, Cardoso said the new manual is a key part of ongoing reforms to make the FX market more transparent, efficient and predictable.
“To strengthen this framework further, we will shortly be unveiling the revised foreign exchange manual to expand market participation, tighten documentation standards, enhance EFMs surveillance and ensure consistency,” he told the audience.
The Governor noted that the electronic Foreign Exchange Matching System (EFMs), powered by Bloomberg BMAT, has already transformed operations through mandatory order submission, real-time monitoring and improved price discovery.
He added that the Nigerian Foreign Exchange Code introduced in January this year has set high ethical standards for authorised dealers, with severe penalties for any breach.
Friday’s announcement comes as the naira recorded its best weekly performance in recent times, closing at N1,446.90 to the dollar and staying below the N1,450 mark for four consecutive days at the official window.
The coming manual is expected to further eliminate loopholes, widen access for genuine players and reinforce the gains already recorded in the market.
