The Central Bank of Nigeria has introduced a revised foreign exchange framework granting holders of ordinary domiciliary accounts unrestricted access to their dollar balances, while placing tighter controls on the use of export proceeds.
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The new provisions are contained in the apex bank’s revised Foreign Exchange Manual 2026, which represents a major shift from the 2020 guidelines.
Under the new framework, holders of ordinary domiciliary accounts are entitled to “unfettered and unrestricted access” to funds in their accounts.
The provision is expected to strengthen confidence among individuals, diaspora Nigerians and investors who keep foreign currency deposits within the Nigerian banking system.
The CBN also clarified that holders of ordinary domiciliary accounts can continue to access their funds for eligible transactions, adding that the use of Form A is not mandatory for remittances funded from such accounts.
However, Authorised Dealer Banks are required to ensure that the purpose of each transaction is properly captured and classified in line with the Foreign Exchange Management System Code Book.
The revised rules also allow domiciliary account holders to utilise cash deposits not exceeding $10,000 per day, or its equivalent in other currencies, through telegraphic transfers.
Banks are required to provide returns to the CBN detailing the purpose of such transactions.
The liberalisation of personal foreign currency accounts comes as the CBN continues reforms aimed at improving liquidity, boosting capital inflows, strengthening transparency and restoring confidence in Nigeria’s foreign exchange market.
However, while individuals now have broader access to their dollar balances, exporters will operate under stricter compliance rules.
The CBN stated that holders of export proceeds domiciliary accounts will continue to access funds for eligible transactions, but such access will now be subject to documentation requirements tied to specific transactions.
In a major departure from the 2020 framework, cash withdrawals from export proceeds domiciliary accounts are no longer permitted.
The apex bank also stated that access to export proceeds must comply with existing anti-money laundering and counter-terrorism financing regulations, placing export-related foreign exchange transactions under closer regulatory scrutiny.
Where export proceeds are transferred to third parties, account holders must state the purpose of the transfer, while banks are required to capture and report such transactions using the prescribed FEMS sectoral utilisation codes.
The revised framework also gives exporters additional flexibility by allowing transfers from export proceeds domiciliary accounts in one bank to ordinary domiciliary accounts in another bank for the purpose of funding eligible transactions.
Exporters are also permitted to sell export proceeds to any Authorised Dealer Bank operating in the Nigerian Foreign Exchange Market, a move expected to improve liquidity and support price discovery in the formal FX market.
The new guidelines further provide that international companies operating in Nigeria’s extractive industries, excluding indigenous firms, may repatriate 100 per cent of their export proceeds through Authorised Dealer Banks, subject to proper documentation and monthly reporting to the CBN.
The revised manual reflects the CBN’s attempt to balance market liberalisation with stronger regulatory oversight.
While the new rules ease access to personal foreign currency deposits, they also tighten monitoring of export earnings, which remain a major source of foreign exchange inflows into the Nigerian economy.
Compared with the 2020 Foreign Exchange Manual, the 2026 framework places greater emphasis on transparency, transaction reporting, anti-money laundering compliance and formal tracking of export-related foreign exchange flows.
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