The Central Bank of Nigeria has cleared licensed Bureau De Change operators to resume buying foreign exchange from the Nigerian Foreign Exchange Market, setting a weekly cap of 150000 dollars per operator.
The approval, conveyed in a circular dated February 10, 2026, and signed by the Director of Trade and Exchange, Musa Nakorji, allows BDCs to source forex through authorised dealer banks at prevailing market rates.
The decision comes as the gap between official and parallel market rates has widened to more than 90 naira, intensifying pressure on retail demand.
The News Chronicle understands that the move is designed to inject liquidity into the retail segment of the market while tightening supervision to discourage speculation.
Banks must complete full Know Your Customer and due diligence checks before selling forex to any BDC, and sales must remain within the approved weekly threshold.
The apex bank also introduced strict reporting and settlement conditions. BDCs are required to file electronic returns promptly and are barred from holding unused dollar positions. Any unutilised funds must be resold into the market within 24 hours.
Transactions must pass through designated settlement accounts, third-party dealings are prohibited, and cash settlements cannot exceed 25 percent of the transaction value.
The development signals a balancing act by the CBN, widening participation in the official market while reinforcing oversight to stabilise rates and ease distortions in Nigeria’s foreign exchange system.
