The Central Bank of Nigeria has issued guidance allowing all duly licensed Bureau de Change operators (BDCs) to access foreign exchange from the Nigerian Foreign Exchange Market (NFEM) through any authorised dealer bank of their choice, at the prevailing exchange rate. Authorised dealers must complete know-your-customer checks and due diligence for BDC clients in line with applicable rules and internal risk frameworks. Once completed, dealers may sell foreign exchange to BDCs under existing BDC Guidelines, subject to a maximum of USD 150,000 per week per BDC. Licensed BDCs must submit accurate electronic returns to the Central Bank, sell any unutilised balances back to the market within 24 hours, and may not hold NFEM-purchased funds in their positions. Settlement must be conducted exclusively through settlement accounts with licensed financial institutions, third-party transactions are prohibited, and cash settlement is capped at 25% of each transaction amount.
Central Bank of Nigeria 2026-02-10
Central Bank of Nigeria allows licensed BDCs to buy up to USD 150,000 per week from the NFEM via authorised dealer banks
The Central Bank of Nigeria now allows licensed Bureau de Change operators to access foreign exchange from the Nigerian Foreign Exchange Market through any authorised dealer bank at the prevailing rate. Dealers must conduct know-your-customer checks and may sell up to USD 150,000 per week per BDC, with strict conditions on settlement and reporting. BDCs must return unutilised balances within 24 hours and adhere to a 25% cash settlement cap per transaction.