In a move to boost transparency and prevent forex misuse, the Central Bank of Nigeria (CBN) has introduced new guidelines for Bureau de Change (BDC) operators.
As of February 5, 2025, BDCs are now permitted to purchase up to $25,000 weekly from authorized dealer banks to meet retail market demand for eligible invisible transactions.
The new regulations, outlined in a circular from the Trade and Exchange Department, aim to ensure transparency and curb potential forex misuse.
To achieve this, BDCs must source their allotted forex from a single authorized dealer bank per week. This restriction is designed to prevent speculative activity and ensure better oversight.
Additionally, authorized dealers are required to sell FX to BDCs at the prevailing rate in the Nigerian Foreign Exchange Market (NFEM) window, ensuring consistency in pricing. Any BDC found violating these rules will face appropriate sanctions from the CBN.
These new guidelines are part of the CBN’s efforts to regulate the foreign exchange market and prevent abuse.
