Capital Market
CBN authorises weekly $150,000 FX sales to BDCs
The Central Bank of Nigeria (CBN) has allowed licensed Bureau De Change (BDC) operators to participate in the Nigerian Foreign Exchange Market, permitting each BDC to buy up to $150,000 per week. The directive, dated February 10, 2026, was issued in a circular signed by Dr Musa Nakorji, Director of the Trade and Exchange Department, and addressed to authorised dealer banks and the public.
The move is aimed at boosting foreign exchange liquidity in the retail market and meeting legitimate end-user demand. The CBN said: “All BDCs duly licensed by the CBN may access foreign exchange from the NFEM through any authorised dealer of their choice, at the prevailing exchange rate.”
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Authorised dealers are required to carry out full Know-Your-Customer (KYC) and due diligence checks before selling foreign exchange to BDC clients. Once these checks are complete, BDCs may access foreign exchange under existing operational rules, with a weekly cap of $150,000 per BDC.
The circular also requires strict reporting and transparency, directing BDCs to submit timely and accurate electronic returns to the CBN. Unused foreign exchange must be returned to the market within 24 hours, and transactions must be settled through licensed financial institutions. Third-party dealings are prohibited, and cash settlements are limited to 25 per cent of any transaction.
The policy is expected to reduce the gap between official and parallel market rates, which recently widened by over N90. This follows previous 2025 restrictions, when BDCs were limited to $25,000 weekly from a single authorised dealer, which had constrained access to dollars.
