CBN Unveils New Forex Rules, Allows Travellers to Export Up to $50,000
The Central Bank of Nigeria (CBN) has introduced a new set of foreign exchange regulations aimed at improving transparency, efficiency, and stability in the country’s forex market, while permitting outbound travellers to carry up to $50,000 in foreign currency subject to declaration requirements.
Under the revised Foreign Exchange Manual, which took effect on June 1, 2026, the apex bank outlined updated procedures for foreign exchange transactions, export proceeds, travel allowances, remittances, and domiciliary account operations. The framework is designed to strengthen market confidence, improve liquidity, and align Nigeria’s forex administration with current economic realities.
One of the key provisions allows travellers leaving Nigeria to export up to $50,000 in cash, provided the funds are properly declared to the relevant authorities. The CBN retained the existing $10,000 threshold for undeclared cross-border movement of foreign currency, while amounts above that limit must be formally declared at entry or exit points.
The new guidelines also liberalise the use of ordinary domiciliary accounts by removing several documentation requirements previously imposed on account holders. Nigerians with personal foreign currency accounts can now access and transfer funds more easily, while banks are expected to maintain appropriate records for regulatory purposes.
For exporters, the CBN introduced stricter compliance measures to improve monitoring of export proceeds and foreign exchange inflows. The manual requires enhanced documentation for transactions involving export earnings and strengthens oversight mechanisms to ensure transparency within the forex market.
The revised framework further increases allowable advance payments for imports from 15 percent to 30 percent and introduces new provisions covering service exports, technology-related transactions, and regional payment systems. These changes are expected to reduce transaction bottlenecks and support legitimate business activities.
CBN Governor Olayemi Cardoso described the updated manual as a major step toward building a more transparent, efficient, and market-driven foreign exchange system capable of supporting economic growth, attracting investment, and strengthening investor confidence.
Financial experts believe the reforms could enhance confidence in the official forex market, encourage greater participation through formal channels, and support ongoing efforts to stabilise the naira and deepen market liquidity.
