Nigeria’s Central Bank has reopened access to the official foreign-exchange market for licensed bureaux de change (BDCs), a move aimed at improving dollar liquidity in the retail segment and curbing persistent pressure in the parallel market.
Under the new framework announced late Tuesday, each BDC will be permitted to purchase up to $150,000 per week at prevailing market rates, subject to strict compliance with existing operational guidelines. The policy marks a notable shift in the apex bank’s approach to managing foreign exchange distribution, after years of excluding BDCs from direct market access amid concerns about speculation and transparency.
The decision was conveyed in a circular signed by Musa Nakorji, director of the CBN’s trade and exchange department, and applies to all BDCs duly licensed by the regulator. The circular said the measure is designed to improve access to foreign currency for end users and deepen efficiency in the foreign exchange market.
