The Central Bank of Nigeria (CBN) has introduced a new foreign exchange guideline permitting licensed Bureau De Change (BDC) operators to purchase United States dollars directly from the Nigerian Foreign Exchange Market (NFEM), with a weekly cap of $150,000 per operator.
The policy, announced in a circular signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, is intended to strengthen dollar supply in the retail foreign exchange market and address the legitimate foreign currency needs of individuals and businesses.
Under the directive, all CBN-licensed BDCs are now authorised to source foreign exchange from any Authorised Dealer Bank of their choice at prevailing market rates. This removes previous supply limitations, provided operators comply fully with regulatory requirements.
According to the apex bank, the move is aimed at improving the overall efficiency of the foreign exchange market, expanding access to foreign currency nationwide, and supporting economic activities that rely on forex availability.
However, the CBN stressed that the policy comes with strict compliance measures. Banks selling foreign exchange to BDCs must conduct comprehensive Know-Your-Customer (KYC) and due diligence checks to ensure only eligible and licensed operators participate.
To promote transparency and accountability, licensed BDCs are required to submit timely and accurate electronic returns in line with existing regulations. Any foreign exchange purchased but not utilised must be resold into the market within 24 hours, as BDCs are prohibited from holding open forex positions acquired from the NFEM.
The circular further specified that all transactions must be settled through designated settlement accounts with licensed financial institutions. Third-party transactions are prohibited, and cash settlements must not exceed 25 per cent of the total value of each transaction.
In a statement issued on Tuesday, the CBN said the directive forms part of broader efforts to stabilise and strengthen the foreign exchange market while maintaining robust regulatory oversight.
The apex bank expressed optimism that the new policy would enhance market confidence, ease pressure in the retail forex segment, and support the effective functioning of Nigeria’s financial system.
