Olayemi Cardoso, governor of the Central Bank of Nigeria, has unveiled a revised foreign exchange manual aimed at strengthening transparency, improving market efficiency, and deepening ongoing reforms within Nigeria’s foreign exchange market.
The revised framework forms part of broader reforms introduced by the apex bank to stabilise the naira, improve investor confidence, and restore credibility within the foreign exchange ecosystem.
According to the apex bank, the updated FX manual is expected to provide clearer operational guidelines for authorised dealers, financial institutions, and market participants involved in foreign exchange transactions.
The move also aligns with ongoing efforts by the current administration and monetary authorities to liberalise the foreign exchange market and improve liquidity.
Since assuming office, Cardoso has pushed several reforms targeted at exchange rate stability, inflation control, monetary policy credibility, qnd investor confidence restoration.
Analysts say the revised FX framework could help reduce market distortions, improve transparency in forex transactions, and strengthen regulatory oversight within the banking sector.
The development comes amid broader macroeconomic reforms that have attracted cautious optimism from international financial institutions and credit rating agencies.
Recently, S&P Global Ratings upgraded Nigeria’s long-term sovereign credit rating, citing improvements in macroeconomic management, exchange rate liberalisation, stronger oil production, and improving external balances.
