The Central Bank of Nigeria says it will soon release a revised foreign exchange manual as part of ongoing efforts to expand participation in the FX market and support the naira.
The announcement was made by Olayemi Cardoso at the Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria in Lagos. Cardoso said the new manual forms part of the bank’s work to reinforce transparency and improve the functioning of the FX market.
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Focus of the revised FX manual
Cardoso stated that the updated manual is being prepared to improve documentation standards, widen access to the FX market and strengthen oversight within the electronic FX management system. He said the bank is working to ensure consistency in how rules are applied.
According to him, “To strengthen this framework further, we will shortly be unveiling the revised foreign exchange manual to expand market participation, tighten documentation standards, enhance EFMs surveillance and ensure consistency.”
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He said the introduction of the Nigerian Foreign Exchange Code has already set out rules that guide transparency, ethics, governance and fair dealing for authorised dealers. He added that the deployment of the electronic Foreign Exchange Management System, supported by the Bloomberg BMAT platform, has changed FX operations by enabling mandatory order submission, real-time regulatory visibility and clearer price discovery. He said these steps have contributed to strengthening the credibility and efficiency of FX trading.
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CIBN highlights capacity-building priorities
In his remarks, Pius Deji Olanrewaju said the institute is focused on promoting professionalism, ethics, capacity building and youth empowerment. He noted that these areas form the foundation of his six-point legacy agenda introduced in May 2024.
Olanrewaju said the institute is working with the Body of Bank CEOs to address staffing gaps linked to the ‘japa’ trend. He explained that the Human Capital Retention Fund, created by the institute, is aimed at supporting training for new entrants into the industry as well as providing upskilling opportunities for existing staff.
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He said the long-term goal is to establish a Banking School of international standard that will serve as a talent pipeline for the financial services sector. He added that the Board of Trustees is working to build a pool of skilled professionals who will support innovation and resilience across the industry.
