CBN to unveil FX guidelines for BDCs this week

The operational guidelines for the commencement of foreign exchange (FX) trading by Bureau De Change (BDC) operators are expected to be released this week.

Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), disclosed this to BusinessDay on Monday, signalling that the long-awaited framework to guide licensed operators’ participation in the official market is imminent.

He said, “The operationalisation guidelines will be released within the week for the takeoff of trading. Let us go step by step please.”

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The development comes as the naira strengthened sharply to N1,390 per dollar on Monday morning in the black market, further narrowing the gap between the parallel market and the official foreign exchange window by 2.5 percent.

On February 10, 2026, the Central Bank of Nigeria (CBN) reopened access to the official foreign-exchange market for licensed BDCs, a move aimed at improving dollar liquidity in the retail segment and easing persistent pressure in the parallel market.

In a circular dated February 10, the apex bank stated that all BDCs duly licensed by the regulator are now permitted to purchase foreign exchange from the Nigerian Foreign Exchange Market (NFEM) through any authorised dealer bank of their choice at prevailing market rates.

Consequently, the gap between the official foreign exchange market and the black market narrowed by 2.5 percent, or N35, on Monday, compared with more than 6 percent, or N92, recorded as of Wednesday last week.

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.

She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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