CBN Relaxes Dollar Account Rules, Gives Nigerians Unrestricted Access to FX Funds
- CBN has unveiled a new FX framework, enhancing access to domiciliary accounts for Nigerians
- Exporters now face stricter compliance, requiring documentation for transactions from foreign earnings
- The new guidelines aim to boost FX liquidity and market transparency in Nigeria's economy
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has unveiled sweeping changes to its foreign exchange framework, granting Nigerians greater freedom to access and use funds held in domiciliary accounts as the country’s FX market shows signs of improving liquidity.
Contained in the newly released Foreign Exchange Manual 2026, the reforms reverse several restrictions introduced during the COVID-19 era and signal a broader shift toward a more liberalised foreign exchange market.
Source: Twitter
The move is expected to boost confidence among individual savers, diaspora investors and businesses while encouraging more foreign currency inflows into the formal banking system.
Unrestricted access for personal dollar account holders
A major highlight of the revised guidelines is the guarantee of unrestricted access to funds held in ordinary domiciliary accounts.
Under the new framework, individuals can freely utilise their foreign currency balances without seeking prior approval from the CBN.
The regulator also removed the requirement for Form A when remittances are funded directly from personal domiciliary accounts, significantly reducing paperwork and transaction delays.
Account holders can also make telegraphic transfers of up to $10,000 daily, provided banks record the purpose of the transaction in the Foreign Exchange Management System (FEMS).
The policy change reflects the apex bank’s ongoing efforts to rebuild trust in Nigeria’s foreign exchange market following a series of reforms aimed at improving transparency, attracting capital inflows and increasing liquidity.
Exporters face stricter oversight
While individual account holders gained greater flexibility, exporters will operate under tighter compliance requirements, according to a BusinessDay report.
According to the CBN, holders of export proceeds in domiciliary accounts will continue to access their funds for approved transactions. However, every transaction must now be supported by proper documentation.
In a significant departure from previous rules, exporters will no longer be allowed to make cash withdrawals from export proceeds domiciliary accounts.
The regulator also reinforced anti-money laundering and counter-terrorism financing requirements, placing export-related foreign exchange transactions under closer monitoring.
Where export proceeds are transferred to third parties, account holders must disclose the purpose of the transaction, while banks are required to capture and report such transfers using designated FEMS utilisation codes.
Boost for FX liquidity and market transparency
The revised framework introduces additional flexibility by allowing exporters to transfer funds from export proceeds accounts in one bank to ordinary domiciliary accounts in another bank for eligible transactions.
Exporters are also free to sell their foreign exchange earnings to any Authorised Dealer Bank participating in the Nigerian Foreign Exchange Market (NFEM), a measure expected to deepen liquidity and improve price discovery.
Source: Twitter
For international firms operating in Nigeria’s extractive industries, the CBN has retained the provision allowing the repatriation of up to 100 per cent of export proceeds through authorised banks, subject to documentation and reporting requirements.
Balancing liberalisation with control
The 2026 FX Manual highlights the CBN’s dual strategy of liberalising access to foreign currency for individuals while strengthening oversight of export earnings, one of Nigeria’s most important sources of foreign exchange.
By removing key barriers for personal dollar account holders and tightening monitoring of export proceeds, the apex bank aims to attract more FX into the formal market while ensuring greater transparency and accountability across cross-border transactions.
CBN relaxes PTA, BTA rules for travellers
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has introduced a major adjustment to its foreign exchange policy by partially relaxing its 2024 cashless rule on Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), giving travellers renewed access to cash dollars.
Under the revised Foreign Exchange (FX) Manual, which takes effect on June 1, 2026, travellers will now be allowed to receive 25% of their PTA and BTA in cash dollars, while the remaining 75% will continue to be processed electronically through debit and credit cards.
The move signals a notable shift from the apex bank’s earlier strict cashless directive and is expected to bring relief to many Nigerians travelling abroad for personal and business purposes.
Source: Legit.ng
