Connect with us

Business

BREAKING: CBN Allows BDCs Back into FX Market, Sets $150,000 Weekly Purchase Limit

The Central Bank of Nigeria has approved the participation of licensed Bureau De Change operators in the foreign exchange market.

Published

on

Kadoso CBN
CBN
  • The Central Bank of Nigeria has approved the participation of licensed Bureau De Change operators in the foreign exchange market, allowing each BDC to buy up to $150,000 weekly under strict conditions.
VN62

The Central Bank of Nigeria (CBN) has approved the participation of licensed Bureau De Change (BDC) operators in the Nigerian Foreign Exchange Market (NFEM), allowing each operator to purchase up to $150,000 per week.

The directive was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr Musa Nakorji, and addressed to authorised dealer banks and the general public.

According to the apex bank, the decision is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users. The move is also expected to help narrow the widening gap between official and parallel market exchange rates, which recently exceeded N90 for the first time in three years.

RECOMMENDED FOR YOU  No NERD Clearance, No NYSC — Corps Members Face New Mobilisation Rule

“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, all BDCs 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,” the circular stated.

The CBN stressed that authorised dealer banks must conduct full Know-Your-Customer (KYC) and due diligence checks on BDC clients before selling foreign exchange to them, in line with existing regulations and internal risk management frameworks.

Advertisement

Upon completion of these requirements, authorised dealers may sell foreign exchange to BDCs strictly in accordance with existing operational guidelines, subject to a maximum weekly limit of $150,000 per BDC.

RECOMMENDED FOR YOU  BREAKING: Nigeria’s FX Reserves Hit $46bn for First Time Since 2018

The apex bank also imposed strict reporting and transparency obligations, directing all licensed BDCs to submit timely and accurate electronic returns to the CBN in line with extant regulations.

DON’T MISS: Bank Transfer Narrations That Could Save Nigerians from Being Taxed

To curb speculation and hoarding, the CBN warned that BDCs must not retain unutilised foreign exchange purchased from the market. Any unused balances must be sold back to the market within 24 hours, as BDCs are not permitted to hold foreign exchange positions.

Advertisement

In addition, the bank tightened settlement rules, mandating that all foreign exchange transactions by BDCs be conducted exclusively through settlement accounts held with licensed financial institutions. Third-party transactions were prohibited, while cash settlement was capped at a maximum of 25 per cent of each transaction value.

RECOMMENDED FOR YOU  BREAKING: CBN Suspends New Loan Applications For Intervention Program

The CBN emphasised that existing BDC operational guidelines remain fully applicable, signalling a combination of wider market access and strict regulatory oversight as it seeks to stabilise and deepen Nigeria’s foreign exchange market.

WhatsApp
Advertisement

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Advertisement

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

Nnamdi Kanu in Court Nnamdi Kanu in Court
News8 hours ago

How Justice Omotosho Turned Criminal Law Upside Down to Convict Nnamdi Kanu

According to Chidera, Section 36(12) of the Nigerian Constitution requires a criminal offence to be defined and its punishment prescribed...

54 Individuals 54 Individuals
News11 hours ago

IPOB: The Boycott Is Not a Threat — List Kanu’s Appeal or Lose Biafraland’s Vote

The Indigenous People of Biafra (IPOB) has threatened a total boycott of upcoming elections across Biafraland and other areas if...

Nnamdi Kanu ww Nnamdi Kanu ww
News4 days ago

Kanu Fires Lawyer for ‘Gross Incompetence’ — IPOB Warns Media: Stop Calling Him Our Counsel

The Indigenous People of Biafra (IPOB) has said lawyer Ifeanyi Ejiofor is no longer a member of its legal team,...

Nnamdi kanu Nnamdi kanu
News4 days ago

How Nigerian Media Buried the Constitutional Time Bomb in Kanu’s Conviction

Legal practitioner Christopher Chidera, Esq., has launched a sharp criticism against major Nigerian media outlet....

54 Individuals 54 Individuals
News1 week ago

IPOB: List Kanu’s Appeal in 14 Days or We Boycott 2027 General Elections Across Biafraland

The Indigenous People of Biafra (IPOB) has given the Federal Government of Nigeria a 14-day ultimatum to list and hear...

Nnamdi Kanu ww Nnamdi Kanu ww
News1 week ago

No Court Can Confer Jurisdiction — So Who Gave the Supreme Court the Power to Resurrect Dead Counts?

In a legal briefing issued by Onyedikachi Ifedi, Esq., the consortium questioned the legal basis upon which counts earlier quashed...

WhatsApp Image 2026 08 29 at 19.03.19 WhatsApp Image 2026 08 29 at 19.03.19
News2 weeks ago

IPOB Reveals What Nnamdi Kanu Has Achieved for Biafrans

The Indigenous People of Biafra (IPOB) has credited its leader, Nnamdi Kanu, with playing a major role in mobilising public...

ucl draw ucl draw
Sports2 weeks ago

FULL LIST: Arsenal Host Real Madrid, Man City Face PSG In Champions League Draw

Full list of 2026/27 UEFA Champions League league phase draw as Arsenal host Real Madrid, Man City face PSG and...

Mobilization Mobilization
Education2 weeks ago

NYSC Sets September Registration Date for 2026 Batch C, Issues Mandatory Clearance Warning

The National Youth Service Corps has fixed September 7 to 13, 2026, for online registration of prospective corps members in...

Screenshot 2026 08 28 142841 1787923769 Screenshot 2026 08 28 142841 1787923769
Politics2 weeks ago

BREAKING: Gunmen Kill Kogi APC Chairman, Abduct Passenger in Highway Attack

Gunmen have killed the APC chairman in Dekina Local Government Area of Kogi State, Ishaq Yunusa...

Advertisement