CBN Approves $150,000 Weekly FX Sale to Each BDC to Boost Liquidity

February 11, 2026 news-admin 0 Comments

Oru Leonard

The Central Bank of Nigeria (CBN) has approved licensed Bureau De Change (BDC) operators to participate in the Nigerian Foreign Exchange Market (NFEM), aiming to improve foreign exchange liquidity and meet end-users’ needs.

Each BDC can purchase up to $150,000 weekly, subject to existing operational guidelines and conditions include:
– Strict Compliance: Authorised dealers must conduct full Know-Your-Customer (KYC), checks
– Transparency: BDCs must submit timely electronic returns
– Utilisation: Unutilised FX must be sold back within 24 hours
– Settlement: Transactions via licensed financial institutions only

According to the CBN statement, the move by the apex bank aims to deepen market efficiency and ensure broader access to foreign exchange.