CBN pegs weekly dollar purchases by BDCs to $150,000

The Central Bank of Nigeria (CBN) has introduced a new foreign exchange policy permitting licensed Bureau De Change (BDC) operators to purchase United States dollars directly from the Nigerian Foreign Exchange Market (NFEM), setting a weekly purchase limit of $150,000 per operator.

The move, the CBN said, is part of the apex bank’s broader strategy to improve dollar liquidity in the retail segment of the market and ensure that individuals and small businesses with legitimate foreign exchange needs have better access to funds.

In a circular dated February 10, 2026 and signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, the CBN said all properly licensed BDCs are now eligible to source foreign currency from any Authorised Dealer Bank at prevailing market rates.

This marks a significant shift from previous restrictions that limited where BDCs could obtain their supply.

According to the CBN, the new framework is designed to deepen market efficiency, enhance transparency and strengthen the overall functioning of the foreign exchange system.

The regulator explained that allowing BDCs to buy directly from the official market would help bridge supply gaps in the retail segment, where many Nigerians source foreign exchange for travel, school fees, medical bills and small-scale business transactions.

Banks selling foreign exchange to BDCs must conduct comprehensive Know-Your-Customer (KYC) and due diligence checks before completing any transaction. Only verified and licensed operators will be allowed to participate, the CBN said.

The circular read: “To ensure the availability of adequate foreign exchange liquidity in the retail segment of the foreign exchange market to meet the legitimate needs of end users, this is to inform market participants that all BDCs that are duly licensed by the CBN are allowed to access foreign exchange from the NFEM through any Authorised Dealer of their choice, at the prevailing exchange rate.

“Authorised Dealers are required to complete the necessary KYC and due diligence for their BDC clients in line with applicable regulations and the internal risk management framework.

“Upon completion of these requirements, foreign exchange may be sold to BDCs for utilisation in line with the existing BOC Guidelines, subject to a maximum of USD150,000 per week for each BDC.

“All licensed BDCs shall ensure the timely, and accurate submission of returns to the Central Bank electronically, and in accordance with extant regulations.

“Any unutilised balances are expected to be sold back to the market within 24 hours (BDCs are not permitted to keep funds purchased from NFEM in their positions).

“Settlement of foreign exchange transactions by BDCs with Authorised Dealers and/or with end user customers shall be conducted exclusively through settlement accounts held with licensed financial institutions. Third-party transactions are prohibited, and settlement of foreign exchange sales in cash is limited to a maximum of 25% of each transaction amount.”

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