CBN grants BDC FX access with a $150,000 weekly cap and strict KYC, reporting and settlement rules to boost liquidity and oversight

ABUJA, Feb. 10, 2026 — The Central Bank of Nigeria has approved CBN BDC FX access for licensed Bureau De Change operators to participate in the Nigerian Foreign Exchange Market under strict limits and compliance conditions.

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The approval was conveyed in a circular signed by the Director of the Trade and Exchange Department, Dr Musa Nakorji, as part of efforts to improve foreign exchange liquidity in the retail segment of the market.

Under the directive, each BDC is permitted to purchase up to 150,000 dollars weekly through any Authorised Dealer Bank at prevailing market rates, subject to existing operational guidelines.

The circular said the measure is intended to deepen market efficiency and widen access to foreign exchange across the economy.

The apex bank, however, imposed stringent risk management requirements on the transactions. Authorised dealers must conduct full Know Your Customer and due diligence checks on BDC clients before executing any sale of foreign exchange.

To strengthen transparency, all licensed BDCs are required to submit timely and accurate electronic returns in line with extant regulations.

The CBN directed that any unutilised foreign exchange must be sold back to the market within 24 hours, prohibiting BDCs from holding FX positions sourced from the Nigerian Foreign Exchange Market.

The circular also restricts settlement practices by mandating that all transactions be conducted through settlement accounts with licensed financial institutions.

Third party transactions are barred, while cash settlements are limited to a maximum of 25 per cent of each transaction value.

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The directive reflects the CBN’s broader strategy to balance improved access to foreign exchange with firm regulatory oversight aimed at safeguarding the integrity of the financial system.