The Central Bank of Nigeria (CBN) has approved the participation of licensed Bureau De Change (BDC) operators in the Nigerian Foreign Exchange Market (NFEM), allowing each operator to purchase up to $150,000 weekly.
In a circular dated February 10, 2026, and signed by the Director of the Trade and Exchange Department, Dr Musa Nakorji and addressed to authorised dealer banks and the general public, the CBN said the policy is designed to ensure adequate foreign exchange liquidity in the retail market and meet the legitimate needs of end users.
The CBN also introduced strict regulatory and compliance requirements.
Authorised dealer banks are mandated to conduct full Know-Your-Customer (KYC) and due diligence checks before selling foreign exchange to any BDC, in line with applicable regulations and the internal risk management framework.
Upon completion of these checks, BDCs may purchase foreign exchange strictly in line with existing operational guidelines, subject to a maximum of $150,000 per week per operator.
In addition, the apex bank imposed tight transparency and reporting requirements, directing all licensed BDCs to submit accurate and timely electronic returns to the CBN in accordance with prevailing regulations.
To prevent speculative accumulation of dollars, the CBN warned that BDCs must not retain unutilised foreign exchange and that same must be sold back to the market within 24 hours.
