The Central Bank of Nigeria, CBN has introduced new operational guidelines governing how Bureau De Change, BDC operators purchase foreign exchange from Authorised Dealer Banks.
The directive, issued by the apex bank’s Trade and Exchange Department, is aimed at improving transparency, strengthening liquidity in the foreign exchange market, and enhancing regulatory oversight of retail FX transactions.
The new guidelines, contained in a circular dated July 15, 2026, introduce a mandatory electronic platform known as the FX BDC Purchase Tracker.
Under the framework, every licensed BDC operator is required to submit transaction details through the portal in real time to improve monitoring and curb market abuse.
The CBN also says BDCs are free to buy foreign exchange from any Authorised Dealer Bank of their choice. Banks are prohibited from imposing exclusive dealing arrangements or charging referral fees.
However, Authorised Dealer Banks must conduct strict Know-Your-Customer and Enhanced Due Diligence checks before processing transactions.
Some of the key provisions include:
• A weekly purchase limit of 150,000 U.S. dollars for each BDC, with the electronic portal designed to detect and prevent attempts to exceed the limit through multiple banks.
• Foreign exchange proceeds must be credited only to a BDC’s registered settlement account. Third-party payments are prohibited.
• Any unutilised foreign exchange must be sold back into the market within 24 hours after the permitted holding period expires.
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The Central Bank says violations of the new guidelines will attract stiff regulatory sanctions.
The circular, signed by the Director of the Trade and Exchange Department, Aderinola Shonekan, warns that erring BDC operators could face monetary penalties, suspension, or revocation of their operating licences.
It added that banks found to be complicit risk losing their Authorised Dealer status.
The CBN further adds that its Trade and Exchange Department, working with the Financial Markets Department, will commence immediate on-site and off-site compliance inspections to ensure full implementation of the new rules.
The apex bank says the measures form part of ongoing reforms to strengthen confidence in Nigeria’s foreign exchange market and promote greater transparency in the BDC segment.
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(Editor: Terverr Tyav)
