By Micah Jonah
February 11, 2026
The Central Bank of Nigeria (CBN) has approved licensed Bureau De Change (BDC) operators’ participation in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly. The move is aimed at improving forex liquidity in the retail market and narrowing the gap between official and parallel market rates, which recently widened by over ₦90.
According to a circular dated February 10, 2026, signed by Dr. Musa Nakorji, Director of the CBN Trade and Exchange Department, authorised dealer banks can sell foreign exchange to licensed BDCs after completing full Know-Your-Customer (KYC) and due diligence checks.
The CBN stressed that BDCs must sell back unutilised forex within 24 hours, and all transactions must be routed through licensed banks. Third-party transactions are prohibited, and cash settlements are capped at 25% of each transaction.
The central bank said existing BDC guidelines remain in force, combining wider market access with strict regulatory oversight. The move follows earlier complaints from the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, who cited difficulties accessing dollars after previous restrictions.
The directive is expected to stabilise the retail forex segment and meet the legitimate needs of end users across the country.
