The Central Bank of Nigeria permitted licensed bureau de change operators to access foreign exchange from the Nigerian Foreign Exchange Market through authorised dealer banks. Officials announced this development in a circular on February 10, 2026.
Musa Nakorji, director of the trade and exchange department, signed the circular. The document addressed all authorised dealer banks and the general public. It outlined new guidelines for forex transactions.
Weekly Purchase Limit Set For Each BDC
The bank allowed each licensed BDC to purchase up to $150,000 per week at prevailing market rates. BDCs obtained this forex through any authorised dealer of their choice.
Additionally operators completed specific requirements before transactions. These include knowing your customer protocols and proper documentation. Meanwhile banks sold the foreign exchange only after verification.
Focus On Improving Retail Liquidity
Authorities aimed to enhance foreign exchange liquidity in the retail segment. The policy met legitimate needs of end users in the market. Furthermore, BDCs utilized the purchased forex in line with existing guidelines. The cap limited each operator to $150,000 weekly.
Compliance And Risk Management Emphasized
The circular stressed strict compliance with operational rules. Authorised dealers conducted full due diligence on transactions.Meanwhile the decision applied to all duly licensed BDCs
Officials encouraged adherence to prevent misuse of funds. In conclusion, this move represented part of ongoing efforts to stabilize the foreign exchange market. Banks implemented the directive immediately after the announcement.
