The Central Bank of Nigeria (CBN) has introduced a revised Foreign Exchange Manual for 2026, setting out updated rules for foreign currency transactions, travel allowances, international money transfers, domiciliary accounts and regulatory compliance across the country’s financial system.
The updated framework, released through the apex bank’s Trade and Exchange Department, is designed to strengthen transparency in the foreign exchange market, improve regulatory oversight and support the stability of Nigeria’s external reserves amid ongoing reforms in the currency market.
The new guidelines retain several existing foreign exchange provisions while introducing stricter compliance measures and penalties for individuals, businesses and financial institutions that fail to meet regulatory requirements.
Under the revised rules, travellers entering or leaving Nigeria with foreign currency exceeding $10,000 or its equivalent must continue to declare the funds to the appropriate authorities at designated entry or exit points. While individuals may carry amounts below the threshold without declaration, larger sums will require official documentation and disclosure.
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The manual also maintains existing provisions allowing outbound travellers to move up to $50,000, provided the funds are properly declared. Amounts exceeding that limit must be backed by verifiable evidence showing the money originated from an authorised dealer bank. Brandspur Banking News Desk reports that the measure is aimed at improving monitoring of cross-border cash movements and reducing illicit financial flows.
Hotels licensed to deal in foreign exchange have also been given fresh operational guidelines. International guests may settle bills in foreign currency, but the total amount a hotel can receive from a guest during a single stay must not exceed $10,000 or its equivalent. Such funds are required to be lodged in designated domiciliary accounts in line with regulatory requirements.
For Nigerians travelling abroad, the apex bank has adjusted the disbursement structure for Personal Travel Allowance (PTA). Although the quarterly allowance remains capped at $4,000 for eligible adults, banks are now expected to provide most of the funds through approved electronic channels, including payment cards, while only a smaller portion may be issued as physical cash.
The revised manual also outlines rules for education-related foreign exchange transactions. Undergraduate and postgraduate students studying overseas may access tuition remittances of up to $25,000 per semester, paid directly to their institutions. Students living off-campus can also receive maintenance support within approved quarterly limits.
International money transfers remain subject to strict settlement procedures. Beneficiaries receiving funds from abroad through licensed International Money Transfer Operators (IMTOs) will continue to receive payments primarily in naira. Cash withdrawals are restricted to relatively small amounts, while larger sums must be credited directly into bank accounts.
The CBN further clarified that individuals opening or funding domiciliary accounts are not required to provide details regarding the source of deposited foreign currency. Account holders may continue to execute international transfers within approved daily limits, providing greater flexibility for legitimate foreign currency transactions.
On domestic transactions, the regulator reaffirmed the status of the naira as Nigeria’s legal tender. Goods and services exchanged within the country are expected to be priced and settled in naira, except for specific sectors and operators granted exemptions under existing laws and regulations.
The manual introduces some of the toughest sanctions seen in recent years for foreign exchange violations. Individuals involved in document forgery or false declarations risk substantial fines and possible prison terms, while companies found guilty of infractions may face penalties linked to the value of the transactions involved.
Financial institutions that process foreign exchange transactions without adequate documentation could face significant monetary sanctions. Additional penalties have also been prescribed for delayed regulatory filings, non-compliance with reporting obligations and breaches of export proceeds repatriation requirements.
The latest manual forms part of broader efforts by the Central Bank of Nigeria to deepen confidence in the foreign exchange market, improve compliance standards and ensure that foreign currency transactions are conducted within a more transparent and accountable regulatory environment.
