CBN approves $150,000 weekly FX sales to BDCs

The Central Bank of Nigeria has approved the participation of licensed Bureau De Change operators in the Nigerian Foreign Exchange Market, allowing each BDC to purchase up to $150,000 weekly, according to a circular issued by the apex bank on Tuesday.

The directive, dated February 10, 2026, was contained in 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.

This move is expected to narrow the gap between official and parallel market rates, which widened by over N90 for the first time in three years.

In the circular, the Central Bank of Nigeria said the move was aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users.

“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, this is to inform market participants that all BDCs that are duly licensed by the CBN are allowed to access foreign exchange from the NFEM through any Authorised Dealer of their choice, at the prevailing exchange rate,” the bank stated.

The apex bank added that authorised dealer banks must carry out full Know-Your-Customer and due diligence checks on BDC clients before selling foreign exchange to them.

“Authorised dealers are required to complete the necessary KYC and due diligence for their BDC clients in line with applicable regulations and the internal risk management framework,” the circular read.

It explained that upon completion of these requirements, foreign exchange could be sold to BDCs strictly in line with existing operational rules, but subject to a weekly limit.

“Upon completion of these requirements, foreign exchange may be sold to BDCs for utilisation in line with the existing BDC Guidelines, subject to a maximum of USD150,000 per week for each BDC,” the CBN said.

The bank also imposed strict reporting and transparency requirements, directing that “all licensed BDCs shall ensure the timely and accurate submission of returns to the Central Bank electronically, and in accordance with extant regulations.”