Nigeria’s central bank is completing work on a revised foreign exchange manual that will soon be released as part of wider reforms aimed at improving transparency, deepening participation, and restoring confidence in the naira. The announcement was made at a gathering of financial sector leaders in Lagos and marks another step in the bank’s renewed drive to rebuild credibility in the FX market.
The updated manual forms a core part of ongoing market reforms and is expected to introduce clearer rules, stricter documentation processes, wider participation, and stronger oversight across the electronic FX management system. These changes are positioned to help create a more predictable and transparent market structure, a key priority at a time when exchange rate volatility has placed pressure on businesses and investors.
According to the apex bank’s leadership, the manual will reinforce the rollout of the Nigerian Foreign Exchange Code, which was introduced earlier in the year to strengthen ethical conduct among authorised dealers. The deployment of the Bloomberg-powered electronic management system has already changed how trades are recorded by mandating order submissions, enabling real-time oversight, and improving price discovery.
The FX Code, which serves as a guide for banks and authorised dealers, was created to raise transparency standards and ensure that transactions are conducted with greater professionalism and integrity. The central bank has warned that violations of the Code will attract strict penalties as part of its effort to stabilise the market and discourage practices that distort pricing.
Market performance this week shows renewed strength for the naira, which traded below the one thousand four hundred and fifty naira per dollar level for four straight days after weeks of heavy pressure. Data from the official window showed the currency closing at one thousand four hundred and forty-six naira ninety kobo to the dollar on Friday, signalling a slight improvement in sentiment.
For MSMEs across Nigeria and Africa, the revised manual could offer much-needed clarity in a market that directly affects import costs, production planning, and investment decisions. A more transparent and predictable FX system would help small businesses better manage pricing, reduce uncertainty, and plan more confidently for growth in a challenging economic environment.
