By Boluwatife Oshadiya | June 9, 2026
Key Points
- The naira traded largely flat at the official market despite increased FX turnover
- Interbank foreign exchange liquidity rose to $92.25 million across 90 deals
- The CBN’s revised Foreign Exchange Manual introduces stricter compliance rules and updated PTA guidelines
Main Story
The naira traded within a narrow range against the U.S. dollar on Monday as market participants digested new foreign exchange guidelines introduced by the Central Bank of Nigeria (CBN).
According to data from the Nigeria Foreign Exchange Market (NFEM), the official exchange rate closed at N1,362.84 per dollar, compared with N1,362.21 recorded in the previous session. Trading activity remained stable, with transactions executed between N1,361 and N1,365.50 per dollar.
The relatively steady performance came despite a significant increase in interbank liquidity. CBN data showed foreign exchange turnover rose to $92.25 million across 90 deals, up from $73.57 million recorded on Friday.
The development follows the release of the fourth edition of the CBN Foreign Exchange Manual, which updates operational guidelines for market participants and introduces tougher sanctions for regulatory breaches.
Among the key provisions is the retention of a Personal Travel Allowance (PTA) of up to $4,000 per quarter for eligible Nigerian travellers. Under the revised framework, at least 75% of the allowance must be provided through approved electronic channels, while only 25% can be issued in cash.
The revised manual also imposes stricter penalties on banks and authorised dealers that process foreign exchange transactions without proper documentation. Violating institutions face a N100 million fine plus N10 million per affected transaction, alongside potential restrictions from participating in the foreign exchange market.
Meanwhile, Nigeria’s gross foreign reserves rose by approximately $456.77 million to $50.04 billion, reinforcing confidence in the country’s external position.
What’s Being Said
“The updated guidelines are designed to promote transparency, curb market abuses, safeguard external reserves and ensure that foreign exchange is channelled towards productive sectors of the economy,” the Central Bank of Nigeria said in the revised manual.
Currency market analysts believe the revised framework could improve liquidity and strengthen investor confidence by enhancing transparency and compliance across the foreign exchange market.
What’s Next
- Banks and authorised dealers are expected to implement the revised FX manual immediately.
- Market participants will monitor the impact of the new compliance requirements on liquidity and transaction efficiency.
- The CBN is expected to continue supporting market stability through improved FX supply and regulatory oversight.
Bottom Line
The Bottom Line: The naira’s stability reflects improving market confidence and stronger foreign exchange liquidity. The success of the revised FX framework will depend on effective implementation, regulatory compliance and sustained foreign currency inflows.
