The Central Bank of Nigeria (CBN) has officially released the fourth edition of its comprehensive Foreign Exchange Manual. Issued by the Trade and Exchange Department, the updated regulatory framework outlines detailed compliance guidelines, documentation requirements, and stricter operational procedures for global currency transactions across Nigeria’s financial sectors.
According to the directives, the apex bank has retained the existing legal threshold for cross-border physical currency movements. Under these rules, individual travelers and business entities are permitted to import or export foreign currency in cash, or equivalent negotiable instruments, up to a maximum value of $10,000 without requiring an official declaration at the border.
However, the CBN explicitly emphasized that any financial volumes exceeding the $10,000 benchmark must be formally declared at the point of entry or exit using official regulatory documentation channels. These adjustments, alongside newly digitized structures for Personal Travel Allowance (PTA), aim to boost transparent market tracing, secure national external reserves, and curb illicit financial flows within the parallel and official banking ecosystems.