CBN Allows BDCs Back into FX Market with $150,000 Weekly Cap

The Central Bank of Nigeria (CBN) has approved the participation of Bureau de Change (BDC) operators in the Nigerian foreign exchange market with a weekly cap of $150,000 per operator. The circular, dated February 10, 2026, signed by Dr. Musa Nakorji, Director of the Trade and Exchange Department, aims to bridge the gap between the official and parallel market rates.

BDCs with valid licenses are now allowed to source foreign exchange from the Nigerian Foreign Exchange Market (NFEM) authorized dealers at prevailing market rates. However, they must adhere to strict conditions, including conducting due diligence checks on customers and ensuring that FX transactions are within the weekly cap.

The CBN has also imposed tighter reporting and settlement rules to prevent speculation and hoarding. Licensed BDCs are required to submit electronic returns to the CBN promptly and are prohibited from holding unused foreign exchange positions.

These measures are part of the CBN's efforts to stabilize the foreign exchange market and reduce rate distortions.