CBN allows BDCs to buy up to $150,000 weekly in new FX policy
The Central Bank of Nigeria has approved a new policy allowing licensed Bureau De Change operators to purchase up to $150,000 weekly from the Nigerian Foreign Exchange Market. The directive, detailed in a circular signed by Dr Musa Nakorji, aims to improve foreign exchange liquidity and close the gap between official and parallel market rates. The circular, dated February 10, 2026, also sets out strict compliance and reporting requirements for BDCs. The move follows previous restrictions and concerns raised by Aminu Gwadebe over the challenges BDCs face in accessing dollars.
TLDR
- The Central Bank of Nigeria now permits licensed BDCs to buy up to $150,000 weekly, as stated in a circular dated February 10, 2026.
- BDCs must comply with Know-Your-Customer and due diligence checks before accessing foreign exchange.
- Any unutilised foreign exchange must be sold back to the market within 24 hours; BDCs cannot retain unused funds.
- Settlement of transactions must be through accounts with licensed financial institutions, with cash settlements capped at 25% per transaction.
- Third-party transactions are prohibited, and existing BDC guidelines remain in force.
