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The Central Bank of Nigeria (CBN) released the fourth edition of its foreign exchange manual on Tuesday.

The 2026 manual, issued by the trade and exchange department, outlines the procedures, documentation requirements, and compliance framework for foreign exchange transactions in Nigeria.

The apex bank said the guidelines are aimed at promoting transparency, safeguarding external reserves, strengthening compliance, and improving efficiency in the foreign exchange market.

Here are seven key highlights from the manual.

$10,000 THRESHOLD FOR CASH DECLARATION

The CBN retained the existing threshold for cross-border movement of foreign currency.

Under the guidelines, individuals may import or export foreign currency in cash or negotiable instruments up to $10,000 (or its equivalent) without declaration.

“Foreign currency, either in cash or any other credit instrument, not exceeding US$10,000.00 or its equivalent in other foreign currencies, may be imported into Nigeria by a person without declaration,” CBN said.

“However, any amount above US$10,000.00 or its equivalent in other foreign currencies shall be declared at the point of entry using Form TM or at the point of exit using Form TE.”

Outbound travellers may carry up to $50,000 subject to declaration requirements.

Amounts above $50,000 require verifiable evidence showing the funds were obtained through an authorised dealer bank.

HOTELS CANNOT RECEIVE MORE THAN $10,000 PER GUEST STAY 

Hotels licensed by the CBN as authorised buyers may accept foreign currency from international guests for the settlement of bills.

However, the amount that can be purchased or received from a guest during a stay is capped at $10,000 or its equivalent.

The manual requires all foreign currency received under this arrangement to be deposited into the hotel’s domiciliary account.

International guests may also reconvert unused naira into foreign currency upon departure, provided they present evidence of the initial conversion.

PTA TO BE DISBURSED THROUGH DIGITAL CHANNELS 

The CBN has revised the disbursement framework for personal travel allowance (PTA).

While the maximum PTA remains $4,000 per quarter for eligible travellers aged 18 years and above, authorised dealer banks must now disburse at least 75 percent of the allowance through cards or other approved digital channels.

“The disbursement of PTA shall be a minimum of 75% via cards and other approved digital channels, while the remaining 25% shall be paid in cash,” the report added.

For students studying abroad, tuition remittances for undergraduate and postgraduate programmes are capped at $25,000 per semester and must be paid directly to the educational institution.

Maintenance allowance is capped at $5,000 per quarter for students living off campus.

The manual also excludes nursery, primary, secondary and A-level programmes from eligibility for official foreign exchange.

INTERNATIONAL MONEY TRANSFERS TO BE PAID IN NAIRA

Beneficiaries of inbound transfers through international money transfer operators (IMTOs) will continue to receive proceeds in naira.

For over-the-counter transactions, the maximum cash payout permitted is the naira equivalent of $200.

Any amount above that threshold must be credited directly into the beneficiary’s bank account.

“All inbound FX transfers to Nigeria shall be disbursed to beneficiaries’ bank accounts in Naira or any currency as may be determined by the CBN from time to time,” CBN said.

“Maximum allowable cash withdrawal for inbound money transfer shall not be more than the Naira equivalent of USD200.00, and any amount in excess of USD200 shall be paid through an account.”

DOMICILIARY ACCOUNT HOLDERS NOT REQUIRED TO DISCLOSE SOURCE OF FUNDS

The manual states that individuals opening domiciliary accounts or making deposits into such accounts are not required to disclose the source of the funds.

Account holders may also initiate telegraphic transfers of up to $10,000 per day.

However, different rules apply to export proceeds accounts.

While exporters may freely utilise funds for eligible transactions, cash withdrawals from export proceeds accounts are prohibited.

DOMESTIC TRANSACTIONS MUST BE DENOMINATED IN NAIRA 

The CBN reiterated that the naira remains the legal tender for transactions conducted within Nigeria.

Accordingly, goods and services exchanged between Nigerian entities must be priced and settled in naira.

The manual provides exemptions for certain government agencies and licensed operators in sectors including oil and gas, maritime, aviation, and businesses operating within free trade zones.

HEAVY PENALTIES FOR VIOLATIONS 

The manual prescribes sanctions for individuals, companies and financial institutions that violate foreign exchange regulations.

Individuals found guilty of falsifying or forging foreign exchange documents face up to five years’ imprisonment or a fine equivalent to five times the value of the transaction involved.

Corporate entities face fines of up to 10 times the amount involved and may be subject to winding-up proceedings.

Authorised dealers that process transactions without adequate documentation face a N100 million fine, plus an additional N10 million penalty for each affected transaction.

Late submission of regulatory returns attracts a N500,000 penalty on the first day of default, while continued non-compliance may result in a N5 million fine and additional daily penalties.

Importers who fail to submit exchange control documents within the prescribed period may face temporary or permanent restrictions from accessing the foreign exchange market.

The CBN also imposed a 1 percent penalty on exporters who fail to repatriate export proceeds within the stipulated timelines.