CBN’s FX manual pegs $10k for cross-border movement, others

• Hefty sanctions for violators

BY BONNY AMADI

The Central Bank of Nigeria (CBN) released the fourth edition of its foreign exchange manual on Tuesday.

The 2026 manual, issued by the trade and exchange department, outlines the procedures, documentation requirements, and compliance framework for foreign exchange transactions in Nigeria.

The Nigerian apex bank said the guidelines are aimed at promoting transparency, safeguarding external reserves, strengthening compliance, and improving efficiency in the foreign exchange market.

The seven key highlights from the manual are as enumerated below.

$10,000 THRESHOLD FOR CASH DECLARATION

The CBN retained the existing threshold for cross-border movement of foreign currency.

Under the guidelines, individuals may import or export foreign currency in cash or negotiable instruments up to $10,000 (or its equivalent) without declaration.

“Foreign currency, either in cash or any other credit instrument, not exceeding US$10,000.00 or its equivalent in other foreign currencies, may be imported into Nigeria by a person without declaration,” CBN said.

‘However, any amount above US$10,000.00 or its equivalent in other foreign currencies shall be declared at the point of entry using Form TM or at the point of exit using Form TE.”

Outbound travellers may carry up to $50,000 subject to declaration requirements.

Amounts above $50,000 require verifiable evidence showing the funds were obtained through an authorised dealer bank.

HOTELS CANNOT RECEIVE MORE THAN $10,000 PER GUEST STAY

Hotels licensed by the CBN as authorised buyers may accept foreign currency from international guests for the settlement of bills.

However, the amount that can be purchased or received from a guest during a stay is capped at $10,000 or its equivalent.

The manual requires all foreign currency received under this arrangement to be deposited into the hotel’s domiciliary account.

International guests may also reconvert unused naira into foreign currency upon departure, provided they present evidence of the initial conversion.

PTA TO BE DISBURSED THROUGH DIGITAL CHANNELS

The CBN has revised the disbursement framework for personal travel allowance (PTA).

While the maximum PTA remains $4,000 per quarter for eligible travellers aged 18 years and above, authorised dealer banks must now disburse at least 75 percent of the allowance through cards or other approved digital channels.

The disbursement of PTA shall be a minimum of 75% via cards and other approved digital channels, while the remaining 25% shall be paid in cash,” the report added.

For students studying abroad, tuition remittances for undergraduate.