CBN Issues New Forex Rules, Allows Individuals to Move Up to $50,000 Cash

The Central Bank of Nigeria issued fresh foreign exchange guidelines this week that allow individuals to move cash of up to $50,000 out of the country, provided the full amount is declared at the point of exit, in a move aimed at formalising the movement of hard currency while maintaining oversight of capital flows.

The CBN also retained its earlier provision allowing for the import of cash of up to $50,000, subject to the same declaration requirements at the point of entry. The apex bank said the guidelines were designed to provide clarity to travellers, business people, and investors about the legal framework governing the movement of foreign currency and to reduce the volume of undeclared transactions that have historically contributed to market distortions.

CBN Governor Olayemi Cardoso said the new rules formed part of a broader effort to deepen transparency in Nigeria’s foreign exchange market and to align the country’s currency management practices with international best standards. The guidelines took immediate effect and apply at all international airports and border crossings across Nigeria.

Naira Holds Firm as Reserves Strengthen

The new guidelines come as the naira continues to hold relatively firm in both the official and parallel markets. The naira traded at approximately N1,361 per dollar in the official Nigerian Foreign Exchange Market as of June 5, reflecting stability supported by improved foreign exchange supply and sustained CBN intervention. In the parallel market, the dollar exchanged at between N1,390 and N1,405, marking one of the narrowest official-to-parallel spreads in recent years.

Nigeria’s external reserves remain strong at over $46 billion, having risen significantly from approximately $40 billion in late 2024. The improvement reflects higher oil production, stronger crude prices trading above the 2026 budget benchmark of $64.85 per barrel, and increased foreign portfolio inflows attracted by Nigeria’s improved macroeconomic credibility.

However, currency market analysts cautioned that sustaining stability through the second half of 2026 would depend heavily on the maintenance of oil production levels, the management of import demand, and continued confidence in the CBN’s monetary policy framework. Furthermore, any sudden deterioration in global oil prices or a reversal of portfolio inflows could put renewed pressure on the naira. Still, the overall assessment from most analysts remains cautiously positive.

Digital Lenders Face New Scrutiny

Meanwhile, the new forex rules come alongside growing regulatory attention on digital lenders operating in Nigeria, many of whom have been accused of using abusive debt recovery practices against borrowers. The CBN said it was monitoring the sector closely and would publish additional consumer protection guidelines for digital lending platforms before the end of the second quarter of 2026. Notably, the FCCPC’s move against Optasia has added to the sense that the federal government is taking a more assertive stance on regulating digital financial services. Consequently, both the fintech and broader financial sectors face an increasingly active regulatory environment in the months ahead.