₦airaland Forum

CBN Approves $150,000 Weekly FX Access for BDCs to Stabilise Market – The Business Bureau

The Central Bank of Nigeria (CBN) has approved the participation of licensed Bureau De Change (BDC) operators in the Nigerian Foreign Exchange Market (NFEM), allowing each operator to purchase up to $150,000 weekly.

The approval, which is already making headlines in Nigeria News Today, was conveyed in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The decision comes amid a widening gap between official and parallel market exchange rates, which recently crossed ₦90 for the first time in three years.

What the CBN Circular Says

According to the apex bank, the policy is aimed at improving liquidity in the retail segment of the foreign exchange market and meeting the legitimate needs of end users.

Under the new directive, all duly licensed BDCs are permitted to source foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing market rate.

The circular stated:

“To ensure the availability of adequate foreign exchange liquidity in the retail segment of the foreign exchange market to meet the legitimate needs of end users, this is to inform market participants that all BDCs that are duly licensed by the CBN are allowed to access foreign exchange from the NFEM through any Authorised Dealer of their choice, at the prevailing exchange rate.”

However, access is subject to strict compliance requirements. Authorised dealer banks must conduct full Know Your Customer (KYC) and due diligence checks in line with existing regulatory standards and internal risk frameworks.

Only after completing these checks can foreign exchange be sold to BDCs, and strictly within the weekly cap of $150,000 per operator.

CBN Tightens Reporting and Settlement Rules

Alongside expanded access, the CBN introduced stricter reporting and settlement guidelines aimed at curbing speculation and hoarding.

All licensed BDCs are required to submit electronic returns to the CBN accurately and within stipulated timelines. The apex bank also warned that operators must not retain unutilised foreign exchange positions.

Any unused funds purchased from the market must be resold within 24 hours.

“Any unutilised balances are expected to be sold back to the market within 24 hours. BDCs are not permitted to keep funds purchased from NFEM in their positions,” the circular added.

The CBN further mandated that all foreign exchange transactions by BDCs must be routed through settlement accounts held with licensed financial institutions. Third-party transactions are prohibited, while cash settlements are capped at 25 percent of each transaction value.

The apex bank clarified that existing BDC guidelines remain in force, signalling a policy approach that combines broader market participation with tighter oversight.

Background: BDC Operators’ Struggles

The latest move follows concerns raised in October 2025 that many licensed BDC operators were on the brink of shutting down due to prolonged suspension of dollar allocations from the CBN.

Operators had complained of declining revenues, difficulty meeting overhead costs, staff salaries, licensing requirements, and compliance expenses.

The retail forex sub-sector also faced uncertainty amid ongoing recapitalisation requirements and regulatory reforms.

With this new policy direction, stakeholders will be watching closely to see whether increased liquidity and stricter controls can help stabilise Nigeria’s foreign exchange market.

The Business Bureau will continue to monitor developments as part of its coverage of financial markets and macroeconomic policy in Nigeria News Today.

Source: The Business Bureau

So the fake certificate holder has gone back to his vomit.

Forex access or subtle defence of naira beyond the actual demand-supply equilibrium point?

They tried that nonsense early 2024 and it backfired.

No dollar in banks but BDC are getting it. It's all FX to audio BDC.
CBN goons are allocating our FX to themselves legally in the guise of helping BDCs.
No one should believe this. Absolutely no one.
Even my deposit in my dom account I can not access because banks are not getting any.
My branch said I should go to Abuja. Can you imagine that.

Baba Oshiomole,

Oya, import another one from South Africa.



Jet hire money don land.

Election is coming, people don Dey buy out the dollars in the forex market again

Gradually going back to dollar subsidies…. For politicians towards election.

Petrol will soon follow… till after election again

APC primaries around the corner, delegates are already prepping themselves to get best of dollar rain from party aspirants.

Then the economy will then be dollarized, at the detriment of the naira.

The dollar must go up, elections dey around the corner 😂😂😂😂😂😂😁😁

Okay. This FX back and forth wahala sef

They don de bring out the dollars... Wicked people .. Fear of transmission

Editorialtimes:
CBN Approves $150,000 Weekly FX Access for BDCs to Stabilise Market – The Business Bureau



Source: The Business Bureau

What exactly is the root cause of the difference in the official rates and the parallel market ..also if the underlying factor is not taken care off...this won't solve the problem of the gap between official rate and black market.

The kind of heist going on in this government...omo they are not sure of second tenure as north de rebel.. They are out to hoodwink their followers cause they can see that anybody not on their payroll is against them... Trust Nigerians , once their source of livelihood is threatened they must react together irrespective of tribe or religion... This gov is suffocation everybody only the super rich de flex.. If u like no wake up

Editorialtimes:
CBN Approves $150,000 Weekly FX Access for BDCs to Stabilise Market – The Business Bureau



Source: The Business Bureau

Tibubu should bring back our subsidy sonce we don see say na only thing wey fit reach us for naija .. Atleast that one all of us de enjoy am together.. But to corner everything for your self and still wan task us to death , haba...that one na evil

tincityboy:
The kind of heist going on in this government...omo they are not sure of second tenure as north de rebel.. They are out to hoodwink their followers cause they can see that anybody not on their payroll is against them... Trust Nigerians , once their source of livelihood is threatened they must react together irrespective of tribe or religion... This gov is suffocation everybody only the super rich de flex.. If u like no wake up

Election is coming, flood the market with usd

but on a serious note, they are trying to reduce the spread between official rate and black market

tincityboy:
Tibubu should bring back our subsidy sonce we don see say na only thing wey fit reach us for naija ..

Atleast that one all of us de enjoy am together.. But to corner everything for your self and still wan task us to death , haba...that one na evil

Tinubu and APC didn’t remove any subsidy despite their announcements of saving trillions of naira in 2016 and billions of dollars in 2023 from the exercise.

If they truly removed subsidy then why are they borrowing more than PDP presidents who gave us cheap petrol and better life all round, with less unemployment and less insecurity?

APC leaders looters are stealing from us twice- by increasing fuel price and making us pay them subsidy for the massive corruption in their oil sector. What kind of double jeopardy is this nítorí Ọlọ́run

anonimi:
Petrol should never cost more than N70 per litre, says APC

January 19, 2015

The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.

On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.

But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.

It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.

https://www.thecable.ng/petrol-never-cost-n70-per-litre-says-apc/

motymop:
Election is coming, flood the market with usd

but on a serious note, they are trying to reduce the spread between official rate and black market

Are you sure that is the objective?

I thought that Tinubu was trying to finally use the $3.3 billion Afreximbank SPV loan for his N300/$1 short term goal before reaching N200/$1 by May 2027 as promised.

The SPV loan was secured with future oil revenue and facilitated by Elumelu’s UBA at an outrageous rate of 11.85%

Which means FG is still pumping money into the system to stabilise the naira

Your head dey work wella. One bottle 🍾 for you.
They are not doing this for me and you o. Na to subsidize dollar for themselves. Election don reach.

247man:
Gradually going back to dollar subsidies…. For politicians towards election.

Petrol will soon follow… till after election again

anonimi:
Are you sure that is the objective?

I thought that Tinubu was trying to finally use the $3.3 billion Afreximbank SPV loan for his N300/$1 short term goal before reaching N200/$1 by May 2027 as promised.

The SPV loan was secured with future oil revenue and facilitated by Elumelu’s UBA at an outrageous rate of 11.85%

the $3.3 billion Afreximbank SPV loan was to clear fx backlogs in 2024 which they have done, they finished clearing it on March 20, 2024

motymop:
the $3.3 billion Afreximbank SPV loan was to clear fx backlogs in 2024 which they have done, they finished clearing it on March 20, 2024

So what actionable plan did the president have in mind when he promised to succeed where his APC predecessor failed

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

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Muhammadu Buhari, presidential candidate of the All Progressives Congress (APC), has promised to ensure that the naira would be equal to the dollar in value if voted into office.

NAN reports that Buhari said this on Monday during the south-east presidential rally of the party at Dan Anyiam Stadium, Owerri.

“It is sad that the value of the naira has dropped to more than N230 to one dollar. This does not speak well for the nation’s economy,” he said.

He urged the people to vote for APC, noting that he would ensure that corruption was tackled headlong if elected.

https://www.thecable.ng/ill-make-naira-equal-dollar-says-buhari/amp

anonimi:
Are you sure that is the objective?

I thought that Tinubu was trying to finally use the $3.3 billion Afreximbank SPV loan for his N300/$1 short term goal before reaching N200/$1 by May 2027 as promised.

The SPV loan was secured with future oil revenue and facilitated by Elumelu’s UBA at an outrageous rate of 11.85%

The Naira can never strengthen to $1 to N300. I am 99.99% certain that Tinubu does not believe that is possible.

Yes, the SPV loan was high but I suspect it was used to pay off money owed to companies that paid for dollars from the CBN but had not received it.

Emefiele left the CBN with debts to companies $7bn.

Wrong approach
Don't let us go back to days of dollar round triping

Is this really necessary?

Why can't someone go to their bank to effect a wire transfer abroad?? Their bank converts the amount to the foreign currency (official rate), and deduct the money from the customers bank account...

That is, for example, a customer wants to send $1k to their supplier in China. Official dollar rate, N1,300. The bank will just deduct 1,300,000 from the customer's account and send the transfer to their supplier in China..

Why is this difficult to implement?

Quarter system cbn governor

Lagos Unveils Massive Plan In West Africa's First International Financial Centre

Lagos State just dropped an economic bombshell that could reshape West Africa's financial landscape forever; a comprehensive roadmap to establish the region's premier International Financial Centre (LIFC), positioning Nigeria's commercial capital as the gateway for billions in international investment, innovation, and sustainable growth.

​In partnership with TheCityUK, the UK Government, and EnterpriseNGR, Lagos unveiled the strategic blueprint at State House Marina before Governor Babajide Sanwo-Olu, British Deputy High Commissioner Jonny Baxter, and business titan Aigboje Aig-Imoukhuede.

This isn't just talk; it's a public-private partnership bringing government vision together with private sector muscle to deliver transformative economic growth.​The LIFC aligns perfectly with Nigeria's Agenda 2050 and the Lagos State Development Plan 2052, aiming to deliver long-term prosperity, deepen financial markets, and attract productive global capital. Think Dubai International Financial Centre or Singapore's financial hub; that's the ambition for Lagos.​

Source: https://growingnigeria.com/articles/lagos-unveils-massive-plan-in-west-africas-first-international-financial