The Central Bank of Nigeria has set a N100 million fine for authorised foreign-exchange dealers that process transactions without adequate documentation, under the fourth edition of its Foreign Exchange Manual, which took effect on 1 June 2026.
According to reports on the manual, dealers face the N100 million penalty plus an additional N10 million for each affected transaction; repeated breaches of net open position limits can lead to suspension from the Nigerian Foreign Exchange Market.
TIGHTER FX OVERSIGHT
The fourth edition, the first update since 2018, harmonises procedures and standardises market practices, according to the central bank, which unveiled it on 15 May. Under the manual, banks must obtain, verify and retain supporting documents for trade, invoice and remittance transactions before delivering foreign exchange to customers.
Sources: TheCable; Vanguard; Business Post Nigeria; Blueprint.