CBN releases new FX rules for BDCs, keeps $150,000 weekly dollar purchase limit

The Central Bank of Nigeria has maintained its $150,000 weekly foreign exchange purchase ceiling for Bureau De Change operators under a new regulatory framework. The apex bank also launched an electronic platform for real-time monitoring of dollar transactions.

CBN retains $150,000 weekly cap, launches FX tracker platform

The regulatory guidance, addressed to authorised dealer banks and licensed BDC operators, details procedures for implementing a February 10, 2026 circular that restored BDC access to the official foreign exchange market. According to the CBN circular released on Thursday, July 16, each licensed BDC may purchase up to $150,000 per week from any authorised dealer bank of its choosing. Operators are permitted to split that allocation across multiple purchase requests within the same week, as long as the combined total stays within the prescribed cap.

To support real-time oversight, the CBN has launched the FX BDC Purchase Tracker, an electronic platform through which BDCs can submit purchase requests while allowing the apex bank to monitor transactions as they occur. Authorised dealer banks are required to acknowledge each request within two business hours and communicate approval or rejection decisions through the portal. Where a request is declined, banks must state clear reasons, which may include incomplete Know-Your-Customer documentation, exhaustion of a BDC's weekly allocation at another bank, unresolved compliance issues, or internal risk assessments.

Exclusivity banned, strict due diligence required

The CBN explicitly prohibited authorised dealer banks from imposing exclusivity arrangements or charging referral fees that restrict BDCs from selecting their preferred banking partners. Only BDCs holding valid licences are eligible to participate. Operators currently under regulatory sanctions or with suspended licences remain excluded until those restrictions are formally lifted.

Before processing any foreign exchange transaction, banks must carry out comprehensive due diligence on BDCs, verifying their licence status, Corporate Affairs Commission registration documents, Tax Identification Number, beneficial ownership information, and details of principal officers. All foreign exchange purchased under the framework must be credited directly into the BDC's registered foreign exchange settlement account. Transfers to third-party accounts are classified as regulatory violations.

Unused forex faces forfeiture, sanctions for violators

Any forex purchased from the NFEM that remains unused must be returned to the market within 24 hours after the utilisation period ends. BDCs that fail to do so risk forfeiture of the unutilised balance and suspension of their NFEM access. The guidelines further require BDCs to declare any leftover foreign exchange from the previous week when submitting new purchase requests, with banks expected to account for those balances when calculating weekly allocations.

BDC operators must also continue filling electronic returns covering weekly forex purchases, sales to end users, settlement methods, and unused balances. The CBN warned that breaches of the new rules could result in monetary fines, licence withdrawal, revocation of authorised dealer status for implicated banks, and referrals to law enforcement where criminal conduct is suspected.

The apex bank said the framework is designed to improve transparency, strengthen market liquidity, and bring greater order to the retail segment of Nigeria's foreign exchange market.

For Nigerian consumers and businesses, the new rules signal the CBN's continued push for tighter oversight of the retail forex segment. With real-time monitoring and stiff penalties for violations, the regulator aims to reduce speculative demand and ensure that dollars accessed from the official window actually reach end users. This could help narrow the gap between official and parallel market rates over time, though much depends on enforcement and overall market liquidity.