The Central Bank of Nigeria (CBN) has authorised licensed bureau de change (BDC) operators to access foreign exchange through the Nigerian Foreign Exchange Market (NFEM) via authorised dealer banks.
The announcement was made Tuesday in a circular signed by Musa Narkoji, Director of the Trade and Exchange Department, and addressed to all authorised dealer banks and the general public.
According to the apex bank, all duly licensed BDCs may now purchase foreign exchange from the NFEM through any authorised dealer of their choice at the prevailing market rate.
The circular explained that the decision is intended to boost foreign exchange liquidity in the retail segment of the market and meet the legitimate needs of end users.
“Authorised Dealers are required to complete the necessary KYC and due diligence for their BDC clients in line with applicable regulations and the internal risk management framework,” the CBN stated.
“Upon completion of these requirements, foreign exchange may be sold to BDCs for utilisation in line with the existing BDC Guidelines, subject to a maximum of USD150,000 per week for each BDC.
“All licensed BDCs shall ensure the timely and accurate submission of returns to the Central Bank electronically, and in accordance with extant regulations.
“Any unutilised balances are expected to be sold back to the market within 24 hours (BDCS are not permitted to keep funds purchased from NFEM in their positions).”
The CBN added that all foreign exchange transactions involving BDCs, authorised dealers, and end-user customers must be settled through accounts held with licensed financial institutions.
It also prohibited third-party transactions and stated that cash settlements for foreign exchange sales must not exceed 25 percent of the value of each transaction.
The bank emphasised that all transactions conducted under this arrangement remain subject to existing BDC operational guidelines.
On December 20, 2024, the CBN granted BDC operators temporary access to NAFEM, allowing them to purchase up to $25,000 weekly between December 19, 2024, and January 30, 2025.
In February 2025, the financial regulator extended the timeframe for eligible BDCs to continue accessing the official foreign exchange window.
