CBN Approves $150,000 Weekly Forex Sales to Bureaux De Change

The Central Bank of Nigeria (CBN) has approved a major policy change that allows licensed Bureau De Change (BDC) operators to purchase up to USD 150,000 weekly from the Nigerian Foreign Exchange Market (NFEM) through authorised dealer banks.

The directive, contained in a circular signed by Dr. Musa Nakorji, Director of the CBN’s Trade and Exchange Department, aims to improve foreign exchange liquidity in the retail segment and help meet the legitimate FX needs of end users.

Under the new framework, all BDC operators duly licensed by the CBN are permitted to access foreign exchange at prevailing market rates through any authorised dealer bank of their choice, subject to strict compliance with existing BDC operational guidelines.

To ensure sound risk management and transparency, the CBN requires authorised dealers to conduct full Know Your Customer (KYC) and due diligence checks before selling FX to BDCs, and mandates that all licensed BDCs must submit timely and accurate electronic returns.

The circular further states that any unutilised foreign exchange must be sold back to the market within 24 hours, as BDCs are prohibited from holding FX positions purchased from the NFEM.

All FX transactions under the arrangement must be conducted through settlement accounts with licensed financial institutions, with strict limits on cash settlement and a prohibition on third-party transactions.

CBN’s move is part of a broader strategy to deepen market efficiency, enhance FX access for small-scale users, and support Nigeria’s journey towards a more liquid and transparent foreign exchange ecosystem.