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The Central Bank of Nigeria (CBN) has approved the participation of licensed Bureau De Change (BDC) operators in the Nigerian Foreign Exchange Market (NFEM), permitting each operator to purchase up to $150,000 per week.
The directive, dated 10 February 2026, was issued via a circular signed by the Director of the Trade and Exchange Department, Dr Musa Nakorji, and addressed to authorised dealer banks and the general public.
According to the apex bank, the decision is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate FX needs of end users. The move is also expected to help narrow the widening gap between official and parallel market exchange rates, which recently exceeded ₦90 for the first time in three years.
In the circular, the CBN stated that all duly licensed BDCs are now allowed to access foreign exchange through authorised dealer banks of their choice at prevailing market rates.
“To ensure the availability of adequate foreign exchange liquidity in the retail segment of the foreign exchange market to meet the legitimate needs of end users, all licensed BDCs are permitted to access foreign exchange from the NFEM through any authorised dealer,” the bank said.
The CBN emphasised that authorised dealer banks must conduct full Know-Your-Customer (KYC) and due diligence checks on BDC clients in line with existing regulations and internal risk management frameworks before FX is sold.
Upon completion of these requirements, BDCs may purchase foreign exchange strictly in accordance with existing operational guidelines, subject to a maximum weekly limit of $150,000 per operator.
To strengthen transparency and oversight, the apex bank directed all licensed BDCs to submit timely and accurate transaction returns electronically, in line with extant reporting regulations.
The CBN also introduced measures to curb hoarding and speculative activities. BDCs are prohibited from holding unutilised foreign exchange balances, with any unused funds required to be sold back to the market within 24 hours.
“BDCs are not permitted to retain foreign exchange purchased from the NFEM in their positions,” the circular stated.
In addition, the bank tightened settlement rules by mandating that all FX transactions by BDCs be conducted exclusively through settlement accounts held with licensed financial institutions. Third-party transactions are prohibited, while cash settlements are limited to a maximum of 25 per cent of the value of each transaction.
The CBN noted that all existing BDC operational guidelines remain in force, signalling a combination of expanded market access and strict regulatory controls as it seeks to stabilise and deepen Nigeria’s foreign exchange market.
The development follows earlier concerns raised by the Association of Bureau De Change Operators of Nigeria (ABCON) over limited access to dollars. In October 2025, ABCON President Aminu Gwadebe said operators had been forced to rely largely on walk-in customers after the suspension of dollar sales to BDCs.
Earlier in 2025, the CBN had introduced guidelines restricting BDCs to a maximum weekly purchase of $25,000 from a single authorised dealer bank. However, the suspension of bank sales left many operators unable to source foreign exchange—an issue the new directive appears designed to address.
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