The Central Bank of Nigeria (CBN) has granted licensed Bureau De Change (BDC) operators full access to the official foreign exchange market, permitting each to purchase up to $150,000 weekly, according to a circular issued on Tuesday.
The directive, dated February 10, 2026, and signed by Musa Nakorji, Director of the Trade and Exchange Department, reverses prior restrictions. It aims to improve foreign exchange liquidity in the retail segment and narrow the significant gap between official and parallel market rates, which recently widened by over N90.
The circular states that all CBN-licensed BDCs may now access foreign exchange from the Nigerian Foreign Exchange Market (NFEM) through any authorised dealer bank at the prevailing rate. However, banks must conduct comprehensive Know-Your-Customer (KYC) and due diligence checks on BDC clients before executing any sales, adhering to internal risk frameworks and existing regulations.
Once KYC is complete, foreign exchange sales to BDCs will follow existing operational guidelines but are capped at the new weekly limit of $150,000. The CBN also imposed strict reporting and anti-hoarding rules. All licensed BDCs must submit returns electronically and promptly. Critically, any unutilised foreign exchange must be resold into the market within 24 hours; BDCs cannot hold positions from NFEM purchases.
Settlement rules were tightened to enhance transparency. All BDC foreign exchange transactions with authorised dealers or end-users must be routed through settlement accounts with licensed financial institutions. The circular prohibits third-party transactions and limits cash settlements to a maximum of 25% of any transaction’s value.
This policy shift follows previous restrictions. In 2025, the CBN had capped weekly BDC purchases at $25,000 from a single authorised dealer before later suspending dollar sales to BDCs entirely, forcing operators to rely on walk-in customers. Association of Bureau De Change Operators of Nigeria President Aminu Gwadebe had previously highlighted the operational hardships caused by such limited access.
While existing BDC guidelines remain applicable, the CBN’s new approach combines expanded market access with stringent oversight. The move is positioned as a measure to deepen the foreign exchange market, meet legitimate end-user demand, and stabilise rates by channeling more supply through regulated retail channels. Success will depend on rigorous enforcement of the new reporting, settlement, and anti-speculation requirements by both BDCs and authorised dealer banks.
