By Abigail David

The Central Bank of Nigeria has unveiled the fourth edition of its Foreign Exchange Manual, introducing new rules aimed at improving transparency, strengthening compliance and enhancing efficiency in Nigeria’s foreign exchange market.

The revised manual, which took effect on June 1, marks the first comprehensive update since 2018 and forms part of the apex bank’s broader reform agenda to restore confidence and deepen liquidity in the foreign exchange market.

Speaking at the launch, CBN Governor, Olayemi Cardoso, said the review became necessary due to significant changes in global and domestic economic conditions over the past decade.

According to him, foreign exchange remains a critical driver of price stability, trade, capital flows and investor confidence, making a modern regulatory framework essential for market efficiency.

Cardoso noted that ongoing reforms in the foreign exchange market required a more coherent and forward-looking framework capable of addressing emerging realities.

The Deputy Governor in charge of Economic Policy, Muhammad Abdullahi, described the manual as part of a wider strategy initiated by the current leadership of the apex bank to improve transparency, strengthen market discipline and encourage participation through official channels.

Among the key changes introduced are the harmonisation of Personal Travel Allowance and Business Travel Allowance transactions with revised Bureau de Change guidelines, with 75 per cent of such transactions now to be processed electronically and only 25 per cent allowed in cash.

The manual also increases allowable advance payments for imports from 15 per cent to 30 per cent, a move expected to provide businesses with greater flexibility in settling transactions with foreign suppliers.

To encourage exports, the CBN has removed charges associated with processing Form NXP and introduced new provisions covering service exports, technology-sector remittances and transactions under the Pan-African Payment and Settlement System.

Other reforms include the introduction of Non-Resident Investment Accounts and Non-Resident Ordinary Accounts, as well as approval for foreign companies in the extractive sector to repatriate 100 per cent of export proceeds.

The apex bank also removed the mandatory Form A requirement for remittances through ordinary domiciliary accounts, although authorised dealer banks will continue to verify the legitimacy of transactions.

In addition, the revised guidelines permit tuition fee payments of up to $25,000 per semester for Nigerian students studying abroad and allow transfers between export proceeds domiciliary accounts and ordinary domiciliary accounts under specified conditions.

Commercial banks welcomed the reforms, describing them as a continuation of efforts to build a transparent and rules-based foreign exchange market.

Group Managing Director of United Bank for Africa, Oliver Alawuba, said the revised manual would reinforce transparency, ethical conduct, stronger documentation and improved oversight within the market.

Similarly, Group Managing Director of Access Holdings Plc, Roosevelt Ogbonna, said the framework would reduce ambiguity and promote market discipline among participants.

Representing the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, Permanent Secretary for Special Duties, Mohammed Danjuma, described the manual as an important component of Nigeria’s economic reform agenda aimed at promoting macroeconomic stability and sustainable growth.

Analysts say the success of the revised framework will depend largely on consistent implementation, effective enforcement and sustained policy stability across the financial system.

Airtel Africa has recorded a strong performance on the Nigerian Exchange (NGX), emerging as one of the most resilient large-cap stocks following a 10 per cent weekly gain that strengthened investor confidence in the telecommunications giant.

The company closed the trading week at N3,655.70 per share, rising from N3,323.40, making it one of the key drivers of market performance during a period marked by selective trading and cautious investor sentiment.

The performance reflects renewed confidence in the fundamentals of Airtel Africa Plc, supported by its diversified revenue base, strong regional presence, and long-term growth strategy across multiple African markets.

Market analysts say the telecoms firm continues to attract investors seeking stable, high-quality equities capable of delivering consistent returns amid macroeconomic uncertainty.

Unlike speculative gainers in the same trading period, Airtel Africa’s upward movement was driven largely by expectations of sustained earnings growth, foreign currency-linked revenues, and its dominant position in Africa’s telecommunications sector.

The company operates in 14 countries across sub-Saharan Africa, offering mobile voice, data, and mobile money services to more than 156 million customers, positioning it as a key player in the continent’s digital economy.

Investor interest has also been boosted by the company’s continued investments in network expansion, digital infrastructure, enterprise solutions, and financial inclusion services, all of which are seen as critical to Africa’s growing digital transformation.

These strategic initiatives have helped reinforce Airtel Africa’s reputation as a stabilising force on the NGX, particularly at a time when investors are becoming more selective in capital allocation.

Beyond its stock performance, the company’s broader impact on connectivity and digital access continues to shape economic activity across the region, supporting businesses, governments, and individuals through improved communication and mobile financial services.

Airtel Africa’s latest market performance underscores confidence in its long-term outlook and its ability to sustain shareholder value creation.

The company’s Nigerian arm, Airtel Nigeria, remains a key driver of its regional operations, offering telecommunications and mobile money services to millions of subscribers.

Overall, the strong showing on the NGX reflects growing recognition of Airtel Africa’s role in driving digital inclusion, innovation, and connectivity across the continent.

Dangote Industries Limited has once again cemented its dominance in Africa’s corporate landscape after being named Africa’s Most Admired Brand for the eighth consecutive year in the latest Brand Africa 100 rankings.

The announcement was made at the 16th edition of the Brand Africa 100: Africa’s Best Brands awards ceremony held in Addis Ababa, Ethiopia, where the conglomerate also retained its position as Africa’s Most Admired Industrial Brand and was ranked among the leading African brands contributing to a better continent.

The ranking was based on a 2026 survey conducted across 30 African countries, covering more than 85 per cent of the continent’s population and economic output. The survey measured consumer perception, brand influence, and relevance across multiple sectors.

In the aided recall category, Dangote Industries Limited emerged as the most admired African brand, ahead of MTN and Vodacom. It also placed second in spontaneous brand recall among African brands, trailing only MTN.

Brand Africa attributed the strong performance to Dangote’s widespread presence across key sectors of the African economy, including cement, fertiliser, petrochemicals, energy, sugar, salt, packaging, and logistics.

The survey further ranked the company second among brands recognised for making a positive contribution to society, people, and the environment.

Despite the progress of African-owned brands, the report noted that they still account for only 15 per cent of the continent’s top 100 most admired brands, highlighting the continued dominance of global brands in African markets.

Speaking on the findings, Brand Africa founder and chairman, Thebe Ikalafeng, called for greater support for African brands to strengthen industrial growth and economic development across the continent.

“With African brands accounting for only 15 per cent of the top 100, it is clear that we must deliberately support and celebrate local champions like Dangote who showcase African industrial capability on the global stage,” he said.

The latest recognition adds to a growing list of accolades for Dangote Industries, which has previously been inducted into the Brand Africa Hall of Fame for sustained brand leadership.

In addition, Anthony Chiejina was named among Africa’s 100 Most Influential Chief Marketing Officers in the inaugural Africa CMO 100 list.

The president of the group, Aliko Dangote, also received a Lifetime Achievement Award in recognition of his contributions to industrialisation, manufacturing expansion, and private-sector development across Africa.