CBN unveils new FX framework, eases access to domiciliary accounts

The Central Bank of Nigeria has released sweeping changes to its foreign exchange rules. The new Foreign Exchange Manual 2026 gives Nigerians greater freedom to use funds in their domiciliary accounts. The move is part of efforts to boost FX liquidity and market transparency.

Individuals get unrestricted access

Under the revised guidelines, individuals can now freely use foreign currency balances in ordinary domiciliary accounts without prior CBN approval. The regulator has also scrapped the requirement for Form A when remittances come directly from personal domiciliary accounts. This cuts paperwork and speeds up transactions. Account holders can also make telegraphic transfers of up to $10,000 daily, provided banks record the transaction purpose in the Foreign Exchange Management System.

Exporters face stricter rules

Exporters now face tighter compliance. Every transaction from export proceeds domiciliary accounts must be backed by proper documentation. Cash withdrawals from these accounts are no longer allowed. The CBN has also strengthened anti-money laundering and counter-terrorism financing checks. Export-related FX transactions will be closely monitored. If export proceeds are transferred to third parties, account holders must disclose the purpose. Banks must capture and report such transfers using designated FEMS codes.

However, exporters gain some flexibility. They can now transfer funds from export proceeds accounts in one bank to ordinary domiciliary accounts in another bank for eligible transactions. They are also free to sell their foreign exchange earnings to any Authorised Dealer Bank in the Nigerian Foreign Exchange Market. This is expected to deepen liquidity and improve price discovery.

Extractive industries retain full repatriation

International firms in Nigeria’s extractive industries can still repatriate up to 100 percent of export proceeds through authorised banks, subject to documentation and reporting requirements.

Dual strategy: liberalisation and oversight

The 2026 FX Manual shows the CBN’s dual strategy. It liberalises access to foreign currency for individuals while tightening oversight of export earnings. By removing barriers for personal dollar account holders and monitoring export proceeds more closely, the apex bank aims to attract more FX into the formal market and ensure transparency across cross-border transactions.

In a related development, the CBN has also partially relaxed its cashless rule on Personal Travel Allowance and Business Travel Allowance. Travellers can now receive 25 percent of their PTA and BTA in cash dollars. The remaining 75 percent will be processed electronically through debit and credit cards. The new FX Manual takes effect on June 1, 2026.