Nigeria’s central bank has approved weekly foreign currency sales of up to $150,000 to each licensed bureau de change (BDC) operator as part of efforts to improve liquidity in the currency market, the regulator said in a circular on Wednesday.
The Central Bank of Nigeria (CBN) said all licensed BDCs may now purchase dollars from any authorised dealer bank at prevailing market rates, subject to compliance with existing operational guidelines.
The measure is aimed at “deepening market efficiency and ensuring broader access to foreign exchange across the economy,” according to the circular signed by Musa Nakorji, director of the Trade and Exchange Department.
The currency is trading weaker on the parallel market than on the official market.
The directive tightens compliance requirements for banks and BDCs, mandating full know‑your‑customer checks before any FX sale.
The central bank also required timely and accurate electronic reporting from BDCs and said any unused FX must be returned to the market within 24 hours, as operators are barred from holding positions purchased from the Nigerian Foreign Exchange Market.
All settlements must be routed through accounts with licensed financial institutions, while third‑party transactions are prohibited. Cash payouts are capped at 25% of each deal, with the balance to be settled electronically.
The CBN has been introducing a series of measures in recent months aimed at boosting liquidity and strengthening oversight of Nigeria’s volatile FX market.
