Nigeria bank eases FX for individuals, tightens export rules

The Central Bank of Nigeria has implemented a comprehensive revision of its foreign exchange regulations, easing access to foreign currency for individuals while tightening oversight of export earnings. The new Foreign Exchange Manual, which took effect on June 1, represents the first major update to the framework since 2018 and forms a key part of the bank's broader reform agenda aimed at boosting market transparency and liquidity.

A significant change exempts holders of ordinary domiciliary accounts from obtaining a Form A to make eligible foreign remittances using funds already held in their accounts. The central bank stated this is intended to shorten processing times and reduce paperwork. Individuals are also granted unrestricted access to funds in these accounts, with daily cash withdrawals of up to $10,000 permitted without declaration. The guidelines further allow for the export of up to $50,000 in cash, provided the amount is declared at the point of exit.

Conversely, the new manual places stricter controls on export proceeds. Cash withdrawals from export proceeds domiciliary accounts are no longer permitted, and access to these funds is subject to enhanced...