The Central Bank of Nigeria has rolled out stricter foreign exchange regulations for Bureau De Change operators, introducing a weekly purchase limit of 150,000 dollars from authorised dealer banks.
The new framework, which took effect on July 15, is aimed at improving transparency and strengthening oversight in the foreign exchange market.
The News Chronicle reports that licensed BDCs can submit multiple purchase requests within a week, but their combined transactions must not exceed the approved limit. The apex bank also directed operators to return any unused foreign exchange to the Nigerian Foreign Exchange Market within 24 hours after the utilisation period ends.
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Under the revised guidelines, the CBN launched the FX BDC Purchase Tracker, a digital platform that will monitor transactions in real time and ensure accurate reporting. Only licensed operators that meet regulatory requirements will have access to the market.
The new rules also tighten Know Your Customer and customer due diligence requirements for banks dealing with BDCs. Operators found violating the regulations risk heavy penalties, including fines, suspension from the foreign exchange market and possible licence revocation as the CBN intensifies efforts to curb market abuses and improve stability.
