CBN Relaxes Dollar Account Rules, Grants Nigerians Unrestricted Access to FX Funds as Naira Hits Three-Week High

The naira has surged to a three-week high against the dollar, closing at N1,357.26 on Wednesday — a gain of N3.79 from the previous day’s N1,361.05 — as the Central Bank’s new Foreign Exchange Manual continues to ripple through the market.

Trading volume in the Nigerian Foreign Exchange Market hit $676.43 million, reflecting growing confidence after the CBN scrapped pandemic-era restrictions on domiciliary accounts earlier this week.

What the New FX Manual Changes

The revised framework, which took effect immediately, removes the Form A requirement for remittances from personal domiciliary accounts and allows telegraphic transfers of up to $10,000 daily without prior CBN approval.

Exporters face tighter rules — no cash withdrawals from export proceeds accounts, and full documentation for every transaction. But they can now transfer funds between banks and sell foreign exchange to any Authorised Dealer Bank, with up to 100 per cent repatriation of export proceeds for extractive industries.

Personal Travel Allowance and Business Travel Allowance rules have also been relaxed: 25 per cent payable in cash dollars, 75 per cent electronically, effective from June 1.

External Reserves Hit $49.87 Billion

Nigeria’s external reserves have climbed to $49.87 billion — up $1.55 billion, or 3.2 per cent, from May 7. Net foreign exchange inflows in January 2026 stood at $9.22 billion, triple the $3.11 billion recorded in December 2025.

The gap between the official and parallel market rates has narrowed to N18, down from N24, suggesting the policy changes are improving market confidence.

Sources: Legit.ng, BusinessDay, TheCable