Nigeria’s Central Bank (CBN) has allowed licensed Bureau De Change (BDC) operators to buy up to $150,000 per week from the official foreign exchange market.
The directive, issued on 10 February 2026, aims to improve dollar supply in the retail market and reduce the gap between official and parallel exchange rates, which recently widened by over ₦90.
In a circular signed by Dr Musa Nakorji, Director of the Trade and Exchange Department, the CBN said all licensed BDCs can access foreign exchange through authorised dealer banks at the prevailing rate.
The bank said the move will help meet the legitimate needs of end users and deepen market liquidity.
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However, it set strict conditions.
Banks must complete full Know-Your-Customer (KYC) and due diligence checks before selling dollars to BDCs.
Each BDC can buy no more than $150,000 weekly.
Unspent funds must be returned to the market within 24 hours. BDCs cannot hold unused dollars.
All transactions must pass through settlement accounts with licensed financial institutions. Third-party deals are banned. Cash settlements are limited to 25% of each transaction.
The CBN said existing BDC guidelines remain in force.
The decision follows months of pressure from BDC operators who said earlier restrictions made it hard to access dollars for business.
Analysts say the policy could ease pressure on the naira if properly enforced, but its impact will depend on compliance and market confidence.
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