{"id":125561,"date":"2026-02-11T19:52:53","date_gmt":"2026-02-11T18:52:53","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=125561"},"modified":"2026-02-11T19:52:53","modified_gmt":"2026-02-11T18:52:53","slug":"cbn-approves-weekly-150000-fx-sales-to-bdcs","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/cbn-approves-weekly-150000-fx-sales-to-bdcs\/","title":{"rendered":"CBN Approves Weekly $150,000 FX Sales to BDCs"},"content":{"rendered":"<div style=\"text-align: justify;\">By Daniel Adaji<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">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 BDC to purchase up to USD 150,000 weekly.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">This is aimed at enhancing liquidity in the retail segment of the market.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">According to a circular signed by Dr. Musa Nakorji, Director of the Trade and Exchange Department at the CBN, all duly licensed BDCs are now permitted to access foreign exchange through any Authorised Dealer Bank of their choice at prevailing market rates. The circular states that the policy \u201caims to deepen market efficiency and ensure broader access to foreign exchange across the economy.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The move comes amid persistent concerns over foreign exchange scarcity in Nigeria, which has often fueled parallel market activities and limited access for legitimate end users. The CBN seeks to streamline FX distribution while maintaining regulatory oversight by allowing BDCs to participate in the NFEM.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The apex bank emphasised strict compliance measures, noting that Authorised Dealer Banks must conduct full Know-Your-Customer (KYC) and due diligence checks before selling foreign exchange to BDCs.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cAll BDCs must submit timely and accurate electronic returns in line with extant regulations,\u201d the circular added, underscoring the need for transparency and accountability.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Under the directive, any unutilised foreign exchange must be sold back to the market within 24 hours, as BDCs are prohibited from holding FX positions purchased from the NFEM. Additionally, all transactions must be settled through accounts with licensed financial institutions; third-party dealings are prohibited, while cash settlement is capped at 25 per cent of each transaction.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThe new framework ensures that licensed BDCs can meet the legitimate needs of end users,\u201d the circular added.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Daniel Adaji 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 BDC&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":124308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-125561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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