CBN launches FX manual, grants extractive firms full proceeds access

The Central Bank of Nigeria (CBN) has launched the 4th Edition of the Foreign Exchange Manual, granting foreign companies in the extractive industry 100 percent access to their export proceeds. The manual, presented by Governor Olayemi Cardoso, also raises the allowable advance payment for imports from 15 percent to 30 percent. Effective June 1, 2026, this manual aims to strengthen Nigeria's macroeconomic foundations and enhance transparency in the foreign exchange market.