CBN Authorizes Weekly $150,000 FX Purchases for Licensed BDCs

In a move aimed at boosting dollar supply at the retail level, the Central Bank of Nigeria (CBN) has approved licensed Bureau De Change (BDC) operators to purchase up to $150,000 weekly from the official foreign exchange market.

The directive, detailed in a circular dated February 10, 2026, and signed by Dr. Musa Nakorji, Director of the Trade and Exchange Department, instructs authorized dealer banks to sell foreign exchange to BDCs at prevailing market rates.

This policy is widely seen as an effort to narrow the significant gap between the official and parallel market exchange rates, which recently exceeded N90 for the first time in three years. The CBN stated the measure is intended to “improve foreign exchange liquidity in the retail segment” and meet legitimate demand from end-users.

Strict Conditions Attached

The enhanced access comes with stringent regulatory conditions. Authorized dealer banks are mandated to perform full Know-Your-Customer (KYC) and due diligence checks on BDC clients before any transaction.

The CBN has imposed a clear weekly cap and strict rules to prevent hoarding. BDCs are prohibited from holding onto unused dollars purchased from the official market; any unutilized funds must be sold back within 24 hours. Furthermore, all transactions must be settled through official bank accounts, with cash settlements limited to a maximum of 25% per transaction. Third-party transactions are expressly forbidden.

The apex bank also emphasized that BDCs must submit accurate electronic returns promptly and that all existing operational guidelines remain in force.

A Shift from Previous Restrictions

This new policy marks a shift from recent CBN measures. Earlier in 2025, the bank had suspended dollar sales to BDCs and later introduced guidelines capping weekly purchases from a single bank at $25,000. BDC operators, represented by the Association of Bureau De Change Operators of Nigeria, had previously expressed difficulties in sourcing dollars, relying heavily on walk-in customers since the suspension.