- CBN has partially relaxed the cashless rule for PTA and BTA, allowing 25% cash access for travellers
- The revised FX Manual introduces reforms enhancing efficiency and boosting investor confidence
- Governor Cardoso emphasised that the policy is in alignment with international best practices in the new FX framework
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has introduced a major adjustment to its foreign exchange policy by partially relaxing its 2024 cashless rule on Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), giving travellers renewed access to cash dollars.
Under the revised Foreign Exchange (FX) Manual, which takes effect from June 1, 2026, travellers will now be allowed to receive 25 per cent of their PTA and BTA in cash dollars, while the remaining 75 per cent will continue to be processed electronically through debit and credit cards.
Credit: CBN
Source: Twitter
The move signals a notable shift from the apex bank’s earlier strict cashless directive and is expected to bring relief to many Nigerians travelling abroad for personal and business purposes.
Shift from the 2024 strict cashless policy
In 2024, the CBN banned cash disbursement of PTA and BTA, directing all Authorised Dealer Banks to process such transactions strictly through electronic channels.
The policy, issued under Memorandum 8 of the FX Manual and circular FMD/DIR/CIR/GEN/08/003 dated February 20, 2017, was introduced to improve transparency, curb abuse, and strengthen stability in Nigeria’s foreign exchange market.
However, the new 25 per cent cash option marks a partial reversal of that policy, suggesting the apex bank is responding to practical market realities while maintaining its broader digital payment goals.
Fresh changes in the revised FX manual
The adjustment is part of the 4th Edition of the CBN FX Manual, which replaces the 2018 version and introduces several reforms aimed at boosting efficiency, transparency, and investor confidence.
Among the major changes, the CBN increased allowable advance payments for imports from 15 to 30 per cent.
It also approved free processing of Form NXP and introduced new provisions for service exports, Pan-African Payment and Settlement System (PAPSS) transactions, and non-resident investment accounts.
The revised framework also permits tuition fee payments of up to $25,000 per semester for undergraduate and postgraduate studies abroad, according to a BusinessDay report.
In addition, payments for services and charges denominated in foreign currency are now allowed, while holders of export proceeds and ordinary domiciliary account holders will enjoy unrestricted access to their funds.
The requirement for Form A in domiciliary remittances has also been removed.
Cardoso speaks on new FX framework
CBN Governor Olayemi Cardoso said the updated FX Manual aligns with international best practices and reflects the bank’s commitment to improving Nigeria’s foreign exchange administration.
According to him, the revised framework is designed to modernise FX operations, improve consistency and market clarity, and strengthen investor confidence.
Analysts see a balance between flexibility and control
Financial analysts say the latest revision shows the CBN is trying to strike a balance between enforcing digital payments and providing greater flexibility for legitimate foreign exchange transactions.
Credit: CBN
Source: Twitter
With pressure on Nigeria’s FX market still high, the new policy is seen as a strategic step to improve access to foreign currency while sustaining transparency and stability in the system.
CBN raises ATM card issuance fee
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has raised the cost of issuing and replacing Automated Teller Machine (ATM) debit and credit cards to ₦1,500, marking a 50 per cent increase from the previous ₦1,000 fee.
The directive applies to banks across the country, including major lenders such as Access Bank and United Bank for Africa, which are expected to implement the revised charges in line with the regulator’s new guidelines.
The change forms part of the apex bank’s updated framework governing bank charges and service fees in Nigeria.
Source: Legit.ng