CBN approves $150,000 weekly FX sales to BDCs to boost liquidity, narrow rate gaps and stabilise Nigeria’s foreign exchange market

The Central Bank of Nigeria, led by Governor Olayemi Cardoso, 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 through authorised dealer banks.

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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.

The policy shift is expected to inject liquidity into the retail segment of the market and narrow the widening gap between the official and parallel market rates, which recently diverged by more than N90 for the first time in three years.

In the circular, the apex bank stated that the measure was designed to meet the legitimate foreign exchange needs of end users while deepening market transparency.

The CBN approves $150,000 weekly FX sales under strict compliance conditions, including full Know-Your-Customer checks and due diligence by authorised dealer banks before transactions are completed.

Authorised dealers are required to conduct thorough risk assessments in line with regulatory standards and internal compliance frameworks.

Upon satisfactory verification, foreign exchange may be sold to BDCs, subject to the $150,000 weekly cap per operator.

To curb speculation and hoarding, the central bank directed that any unutilised foreign exchange must be sold back to the market within 24 hours.

BDCs are expressly prohibited from retaining purchased funds in their positions.

Settlement rules have also been tightened. All transactions must be conducted through settlement accounts held with licensed financial institutions.

Third-party transactions are barred, while cash settlements are restricted to a maximum of 25 per cent of each transaction value.

The announcement marks a significant regulatory recalibration, balancing broader access to foreign exchange with stringent oversight.

The move follows concerns raised in October 2025 by the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, who highlighted the operational strain faced by BDCs after the suspension of dollar sales to the segment.

Operators had since relied largely on walk-in customers to source foreign currency.

Earlier in 2025, the CBN introduced a $25,000 weekly purchase limit from a single authorised dealer bank as part of reforms aimed at enhancing transparency.

The latest decision substantially expands that access, signalling a deliberate effort to stabilise the market and restore confidence.

Also read: Court orders CBN to release N2.5bn to ABU workers

Market analysts say the policy could ease pressure on the naira if implemented with discipline, although sustained stability will depend on broader macroeconomic fundamentals and continued regulatory vigilance.