A senior official from the Central Bank of Nigeria (CBN) has stated that expanding access to foreign exchange could unlock new opportunities for Nigerian Micro, Small and Medium Enterprises (MSMEs) to participate more effectively in regional and global trade.
The remarks were made during the 2026 Ecobank Nigeria Customer Forum held in Lagos on Wednesday, where the CBN assistant director of the Imports and Trade Relations Office outlined key policy considerations for easing foreign exchange (FX) limitations that have long affected Nigerian businesses.
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FX access as a barrier to trade
The official highlighted that restrictive FX allocation practices have often limited the ability of small businesses, particularly exporters and manufacturers, to engage in cross‑border commerce. Historically, Nigerian small firms have faced challenges securing foreign currency for importing raw materials, servicing export contracts or investing in value addition, leading to reduced competitiveness in West African and broader African markets.
“Making FX access more inclusive across business segments will empower MSMEs to broaden their trade footprint, respond to international demand, and level the playing field with larger corporations,” the official said.
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Support for exporters and SMEs
At the forum, stakeholders representing exporters and SMEs echoed the CBN official’s call for a more equitable FX distribution framework. Representatives from manufacturing associations stressed that access to stable and predictable foreign exchange is essential for operational planning, cost management and export expansion.
One small exporter, speaking on the condition of anonymity, described past FX shortages as an impediment to retaining international customers, citing delayed shipments and rising production costs. The exporter said that inclusive FX policies could improve market confidence and enable small firms to meet international quality requirements more consistently.
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Potential policy shifts
The CBN official acknowledged that policy adjustments are needed to ensure that FX distribution mechanisms support both large firms and smaller enterprises. Proposed changes include streamlining FX application procedures, enhancing transparency in FX allocation, and exploring targeted support programmes for export‑oriented MSMEs.
Analysts said that while structural reforms in FX policy take time, clear policy direction from the central bank signals intent to address long‑standing bottlenecks that constrain business growth. An expert in Nigerian trade policy said inclusive FX access could stimulate production, boost export revenues and attract foreign investment into sectors dominated by small businesses.
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Implications for the SME sector
If implemented effectively, inclusive FX access could help small Nigerian enterprises expand into regional markets such as the Economic Community of West African States (ECOWAS) and beyond. Improved currency support would also reduce reliance on informal or parallel FX sources, which often carry higher costs and risks for small firms.
The forum concluded with a consensus among industry leaders that collaborative action is needed between policy makers, financial institutions and business associations to implement reforms that align Nigeria’s trade policies with the needs of its dynamic SME ecosystem.
