In a significant easing of foreign exchange (FX) procedures, the Central Bank of Nigeria (CBN) has exempted domiciliary account holders from obtaining Form A before making eligible foreign remittances.
The provision is contained in the newly issued Forex Manual (4th Edition), which took effect on June 1, 2026. Under the new framework, customers using funds already held in their domiciliary accounts can make remittances without processing Form A.
The change is expected to shorten processing times for legitimate foreign transfers and reduce paperwork for banks and customers.
Form A remains relevant for certain transactions involving the purchase of foreign exchange through the official market.
The broader manual introduces new measures covering imports, exports, travel allowances, trade finance, and foreign remittances as the CBN seeks to improve transparency and efficiency in the forex market.
The apex bank said the reforms are intended to strengthen market discipline, improve data accuracy, and support confidence in Nigeria’s foreign exchange framework.
Under the revised framework, all import transactions must be backed by a valid Form ‘M’, with strict timelines imposed for the submission of shipping and exchange control documents.
Importers are required to ensure that all documentation is genuine, verifiable, and routed through authorised banking channels, as part of efforts to eliminate trade-based money laundering and illicit capital flows.
The apex bank also standardised the exchange rate for import duty payments, directing that duties be calculated using the prevailing Nigerian Foreign Exchange Market (NFEM) rate published daily by the CBN.
In a move to limit capital flight, the manual caps advance payments for imports at 30 per cent of transaction value and places a ceiling on interest rates for trade-related credit at 0.5 per cent above the Secured Overnight Financing Rate (SOFR), with a maximum tenor of 180 days.
On the export side, the CBN has made it mandatory for all exporters to process Form NXP, regardless of the value of goods.
Export proceeds must be repatriated within 180 days for non-oil exports and 90 days for oil and gas shipments, reinforcing efforts to boost foreign exchange inflows.
The guidelines also introduce stricter inspection requirements, mandating pre-shipment verification and the issuance of Clean Certificates of Inspection before goods can be exported.
Exporters are further required to pay the Nigerian Export Supervision Scheme (NESS) levy, set at 0.5 per cent for non-oil exports and 0.12 per cent for oil and gas exports.
In addition, the manual strengthens oversight of insurance-related forex transactions, restricting foreign currency-denominated policies for residents and requiring regulatory clearance for certain offshore payments.
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