By Micah Jonah
February 13, 2026
The naira has appreciated to between N1,425 and N1,430 per dollar in Nigeria’s parallel market, following a Central Bank of Nigeria (CBN) directive allowing Bureau De Change (BDC) operators renewed access to foreign exchange. Analysts say the move is already narrowing the gap between official and open market rates.
Aminu Gwadebe, President of the Association of Bureau De Change Operators of Nigeria, said early signs show improved liquidity and stability. “The gap between official and parallel rates, previously as wide as N84 to a dollar, has reduced to around N30–N40. This level of convergence gives confidence that the market is moving towards stability,” he noted.
Under the new circular, BDCs can access up to $150,000 weekly through authorized dealer banks, reintegrating them into the formal FX supply chain. Dr Musa Nakorji, CBN Director of Trade and Exchange, stated that the policy aims to improve retail foreign exchange liquidity and meet end-user needs.
Economist Ayo Teriba highlighted the broader impact of monetary and external sector reforms, including Nigeria’s rising net external reserves, now at $30 billion. He said this improvement is helping stabilise the naira, moderate inflation, and restore purchasing power lost during the 2023–2024 devaluation cycles.
Market analysts also pointed to reduced arbitrage opportunities and stronger price discovery, with CardinalStone reporting a 0.70% naira appreciation to N1,435 per dollar. The CBN has further imposed strict transparency and reporting requirements for BDCs, including the obligation to sell back unutilised funds within 24 hours and to conduct transactions primarily through licensed financial institutions.
The measures aim to sustain stability in the foreign exchange market while boosting investor confidence and improving liquidity for Nigerians.
