Nigeria CBN Allows BDCs FX Access
Analysis based on 11 articles · First reported Feb 10, 2026 · Last updated Feb 11, 2026
The new policy by the Nigeria — Central Bank of Nigeria is expected to significantly improve liquidity in the retail foreign exchange market, potentially narrowing the gap between official and parallel market rates for the Nigeria — Nigerian naira. This move is likely to boost confidence in the market and support economic activities in Nigeria that rely on foreign exchange, positively impacting various sectors.
The Nigeria — Central Bank of Nigeria has introduced a new foreign exchange policy allowing licensed Settings Bureau De Change Ltd operators to purchase up to $150,000 weekly from the Nigerian Foreign Exchange Market. This decision, outlined in a circular signed by Dr. Musa Nakorji, aims to enhance foreign exchange supply in the retail market, meet legitimate needs of end-users, and improve market efficiency. The policy permits Settings Bureau De Change Ltd operators to source foreign exchange from any Authorised Dealer Bank at prevailing market rates, a significant shift from previous restrictions. To prevent abuse and ensure transparency, the Nigeria — Central Bank of Nigeria has imposed strict regulations, including mandatory Know-Your-Customer checks, timely electronic returns, and a requirement for unutilized foreign exchange to be sold back within 24 hours. Additionally, settlement rules have been tightened, prohibiting third-party transactions and limiting cash payments. This initiative is part of a broader strategy by the Nigeria — Central Bank of Nigeria, under Governor Yemi Cardoso, to stabilize the foreign exchange market, attract foreign investment, and strengthen the Nigeria — Nigerian naira.
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