CBN Sets New Forex Purchase Cap for Bureau De Change Operators

The Central Bank of Nigeria has introduced a new rule permitting licensed Bureau De Change (BDC) operators to buy foreign currency directly from authorised dealer banks as part of efforts to improve dollar availability in the retail market.

According to the directive, each licensed BDC is allowed to purchase up to $150,000 per week at the prevailing exchange rate. The measure is designed to reduce pressure in the parallel market and make foreign exchange more accessible for legitimate small-scale transactions.

Banks participating in the process are required to carry out full customer verification checks and ensure that all transactions meet regulatory standards. BDC operators must also file detailed transaction reports through the approved electronic reporting platforms.

The policy also requires that any foreign exchange purchased and not used within a short time frame must be returned, preventing hoarding and speculative trading. Regulators say the framework is intended to improve transparency, strengthen oversight, and stabilise supply in the forex market.