The Central Bank of Nigeria (CBN) has introduced a new foreign exchange framework that grants holders of ordinary domiciliary accounts unrestricted access to their dollar balances while imposing tighter controls on the use of export proceeds, in a move aimed at deepening foreign exchange market reforms and strengthening oversight of export earnings.
The new provisions, contained in the apex bank’s revised Foreign Exchange Manual 2026, mark a significant shift from the 2020 guidelines by liberalising access to personal foreign currency accounts while enhancing monitoring and documentation requirements for exporters.
Under the new rules, holders of ordinary domiciliary accounts are entitled to “unfettered and unrestricted access” to funds in their accounts. The provision reinforces the ability of account holders to freely utilise their foreign currency balances without prior regulatory approvals, a move expected to boost confidence among individuals, diaspora Nigerians and investors holding foreign currency deposits in the banking system.
The CBN also clarified that holders of ordinary domiciliary accounts can continue to access funds for eligible transactions and 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 (FEMS) Code Book.
