Business

CBN Bets on Rules to Stabilise FX Market

Published

3 months ago

June 3, 2026

The Central Bank of Nigeria (CBN) has rolled out a revised Foreign Exchange Manual in a renewed effort to bring stability, transparency, and predictability to the country’s foreign exchange market, which has long been marked by volatility and policy uncertainty.

The updated manual, which became effective on June 1, 2026, represents the fourth edition of the framework and replaces the 2018 version. It comes after years of significant economic shocks, including the COVID-19 pandemic, oil price fluctuations, and multiple exchange rate reforms that exposed gaps in the existing regulatory structure.

For years, Nigeria’s FX market has been shaped by uncertainty, with importers facing delays and documentation hurdles, exporters questioning repatriation processes, and investors expressing concern over inconsistent policies. The banking sector has also had to navigate shifting directives and market stress.

Push for Transparency and Market Discipline

At the launch of the manual, CBN Governor Olayemi Cardoso said the reform was aimed at strengthening transparency and restoring confidence in the market.

“Foreign exchange is more than a financial instrument; it is a critical enabler in any open economy,” Cardoso said, adding that the updated framework was necessary to reflect current economic realities and improve market efficiency.

CBN Deputy Governor, Economic Policy Directorate, Dr Muhammad Abdullahi, explained that the review was part of a broader reform agenda initiated under the current administration to improve liquidity, transparency, and trust in the FX market.

He noted that “a modern FX market cannot thrive in an environment characterised by opacity, fragmentation, delays, uncertainty, or excessive administrative bottlenecks,” stressing the need for consistent rules and stronger enforcement.

Key Changes in the Manual

The revised manual introduces several operational adjustments aimed at reducing bottlenecks and improving efficiency in FX transactions.

One of the major changes is the harmonisation of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) processes, with 75 per cent of transactions now to be processed electronically, while 25 per cent may still be disbursed in cash.

Import advance payments have also been increased from 15 per cent to 30 per cent, giving businesses more flexibility in dealing with foreign suppliers.

In addition, processing of Form NXP for export documentation will now be free, while new provisions have been introduced for service exports, technology-related remittances, and regional payment systems.

The manual also introduces Non-Resident Investment Accounts and Non-Resident Ordinary Accounts, and allows full repatriation of export proceeds for foreign companies in the extractive sector.

A notable relief for individuals is the removal of the mandatory Form A requirement for certain remittances through domiciliary accounts, although banks will still verify transaction legitimacy.

The framework also permits tuition payments abroad of up to $25,000 per semester and allows controlled transfers between different types of domiciliary accounts.

Banks and Market Operators Back Reform

Commercial banks have welcomed the new guidelines, describing them as a step toward restoring discipline and clarity in the FX market.

Group Managing Director of United Bank for Africa, Mr Oliver Alawuba, said the reforms reflect a clearer policy direction anchored on transparency and credible price discovery.

He noted that market behaviour has already begun to shift, with banks now seeing increased inflows through official channels compared to previous years.

Group Managing Director of Access Holdings, Mr Roosevelt Ogbonna, also said the revised manual would help eliminate ambiguity and strengthen discipline among market participants.

According to him, earlier FX reforms struggled because they lacked strong foundational rules, but the current approach is building “from the ground up” with clearer codes of conduct.

Beyond Regulation: The Bigger Challenge

While the revised manual introduces clearer rules and tighter compliance structures, analysts note that regulation alone cannot stabilise the FX market.

Sustainable stability will depend on broader economic fundamentals, including export earnings, oil production levels, investor confidence, and fiscal discipline.

The Federal Government, through representatives at the launch, described the manual as part of wider macroeconomic reforms aimed at promoting stability and sustainable growth.

CBN officials also emphasised that the success of the framework will depend heavily on consistent implementation and cooperation across the financial system.

Outlook

Nigeria’s FX market has undergone several reform cycles over the years, often followed by periods of instability triggered by external shocks and policy shifts.

The revised Foreign Exchange Manual represents another attempt to build a more predictable and transparent system. However, its long-term success will depend not just on the rules themselves, but on how effectively they are enforced and sustained over time.

Business

Bitcoin Surges Above $77,000 on US Crypto Policy Optimism

Published

2 hours ago

August 21, 2026

Online editor

By Abigail David

Bitcoin surged above $77,000 on Friday as investors responded positively to renewed hopes for US cryptocurrency legislation and the Treasury’s decision to increase its bond buybacks.

The world’s largest cryptocurrency by market value rose 6.9% to $77,675.94 after touching its highest level since May. It has gained more than 20% since Wednesday, marking its third straight day of gains exceeding 5%.

The rally followed US President Donald Trump’s call on Wednesday for lawmakers to pass the Clarity Act, a cryptocurrency bill that has stalled in the Senate.

Bitcoin also benefited from the US Treasury’s move to double its purchases of government bonds in an effort to reduce long-term borrowing costs. The move boosted investor appetite for riskier assets.

The Treasury intervention came after the 30-year US Treasury yield climbed to levels last seen in 2007, shortly before the global financial crisis.

Lower bond yields can make safer investments less attractive, potentially encouraging investors to put more money into riskier assets such as cryptocurrencies.

“Renewed optimism around crypto progress in Washington helped light a fire under Bitcoin,” said Bret Kenwell, a US investment analyst at eToro.

He added that falling Treasury yields and short-position liquidations provided further momentum for the rally.

Business

Gov Kefas Launches Youth Enterprise Fund, Empowers Over 200 Taraba Youths With N500,000 Each

Published

8 hours ago

August 21, 2026

sharma

By Aga Samuel Imoter, Jalingo

Taraba State Governor, Dr Agbu Kefas, has launched the Kefas Youth Enterprise Fund, disbursing N500,000 each to more than 200 young beneficiaries as part of efforts to promote entrepreneurship, self-reliance and economic empowerment among youths in the state.

The programme was officially flagged off on Thursday at the Banquet Hall of the TY Danjuma House, Jalingo, with the governor describing youth empowerment as a critical component of his administration’s development agenda.

Kefas said his administration was committed to creating sustainable economic opportunities for young people and providing them with the support required to build viable enterprises and contribute meaningfully to the development of Taraba State.

According to him, empowering young people goes beyond providing financial assistance. He stressed the need to create an environment where youths can develop businesses, acquire sustainable livelihoods and assume greater responsibility for their economic future.

He charged the beneficiaries to invest the funds wisely, focus on viable businesses and avoid activities capable of undermining their future.

The governor further disclosed that beneficiaries under the next phase of the programme would receive N1 million each, indicating the government’s intention to expand its youth-focused economic intervention.

Kefas also commended President Bola Ahmed Tinubu for his support for Taraba State and his administration.

Minister commends initiative

Speaking at the event, the Minister of Youth Development, Ayodele Olawande, commended the governor for allocating substantial resources to youth development and economic empowerment.

Olawande urged the beneficiaries to treat the financial assistance as seed capital, stressing the importance of investing in sustainable businesses, expanding their enterprises and creating employment opportunities for other young people.

He also called on other state governments to emulate Taraba by developing practical youth empowerment initiatives capable of improving access to capital and expanding opportunities for entrepreneurship.

More beneficiaries expected

The Chairman of the Taraba State Youth Development Agency, Hon Gara Nongha, said the initiative was designed to place tangible economic opportunities in the hands of young people across the state.

Nongha disclosed that more than 200 youths would benefit from the financial intervention, enabling them to establish new businesses or strengthen existing enterprises.

He said the agency would continue to develop and implement programmes focused on entrepreneurship, leadership development and economic independence for young people.

Nongha also appealed to the North East Development Commission (NEDC) to establish a Taraba Youth in Agriculture Scheme, noting that targeted investment in youth participation in agriculture could create jobs, strengthen food production and expand economic opportunities across the state.

Youth Development Roadmap unveiled

A major highlight of the ceremony was the unveiling of the Taraba State Youth Development Roadmap, a strategic framework designed to provide direction for youth-focused policies, programmes and interventions in the state.

The roadmap is expected to strengthen coordination among relevant stakeholders and provide a structured approach to addressing the economic, social and leadership aspirations of young people.

The Taraba State Youth Development Agency also honoured Governor Kefas with an award in recognition of his administration’s commitment to youth empowerment and development.

The Minister of Youth Development was similarly honoured for his contribution to youth-focused initiatives.

The ceremony featured cultural performances by the Taraba State Arts Council and attracted government officials, youth representatives, community stakeholders and other participants.

The launch of the enterprise fund represents a significant component of the state government’s ongoing efforts to expand access to economic opportunities, encourage youth entrepreneurship and strengthen the capacity of young people to become active contributors to Taraba’s economic development.

Business

Apple to change app consent rules after German regulator’s concerns

Published

4 days ago

August 17, 2026

Online editor

By Abigail David

Apple will change how third-party apps seek users’ consent for personalised advertising on iPhones and iPads after Germany’s competition regulator raised concerns about the company’s treatment of competing apps.

The Bundeskartellamt said Apple had offered binding commitments to address the concerns, bringing its competition investigation to an end.

The regulator said Apple’s App Tracking Transparency framework required third-party app providers to obtain additional consent through Apple-designed prompts for certain types of cross-company data use. However, the requirements did not apply in the same way to Apple’s own services.

Bundeskartellamt President Andreas Mundt said Apple could provide strong privacy protections, but its rules should not give its own products an advantage over competitors.

Under the new commitments, Apple will make consent prompts for its own services and third-party apps more similar. It will also remove wording and symbols that could discourage users from granting consent to third-party apps.

App developers will have greater flexibility to combine Apple’s consent requests with those required under data protection laws, provided the process remains clear to users.

The regulator stressed that the changes are not intended to increase consent rates for personalised advertising but to ensure users can make free and informed choices.

Apple has four months to implement the changes. The commitments will remain in force for seven years and will be monitored by an independent trustee.

The investigation began in June 2022 after the regulator found Apple held a position of paramount significance across markets. Germany’s Federal Court of Justice confirmed the finding in March 2025.