By Kikelomo Okere
The Central Bank of Nigeria has reopened the foreign exchange window to Bureau De Change operators, approving up to $150,000 in weekly FX sales to each licensed BDC.
In a circular dated February 10, 2026, the apex bank directed authorised dealer banks to sell foreign exchange to duly licensed BDCs at the prevailing market rate, marking a major shift in retail FX supply.
The move is aimed at boosting liquidity and easing pressure on the naira, as the gap between the official and parallel market rates recently widened by over ₦90 — the highest spread in three years.
Under the new framework, banks must conduct full Know-Your-Customer and due diligence checks before transacting with BDCs. Sales are capped at $150,000 per week per operator and must comply strictly with existing BDC guidelines.
The CBN has also tightened controls. BDCs are required to submit timely electronic returns and are barred from holding onto unutilised FX. Any unused funds must be returned to the market within 24 hours to curb speculation and hoarding.
All transactions must pass through settlement accounts with licensed financial institutions. Third-party deals are prohibited, while cash settlements are limited to 25 percent of each transaction.
The decision comes months after BDC operators complained of severe dollar shortages following the suspension of sales by the CBN. With this new directive, the apex bank is combining wider access with stricter oversight in a bid to stabilise and deepen the foreign exchange market.
