The Central Bank of Nigeria has released new operational rules governing how licensed Bureau de Change operators can acquire foreign exchange from the market. Aderinola Shonekan, the CBN's Director of Trade and Exchange Department, signed the circular on July 15, 2026.
The regulations spell out how BDCs should access foreign currency through authorised dealer banks and set out procedures to ensure smooth operations across the retail forex segment. They're designed to boost transparency, efficiency and orderly trading in the Nigerian Foreign Exchange Market, the CBN said.
"All authorized dealer banks and licensed BDCs are required to familiarise themselves with and comply strictly with the attached regulatory guidance and modalities with immediate effect," the bank stated in its notice.
To support implementation, the CBN launched an electronic portal that will allow BDC operators and authorised dealer banks to interact more easily through the NFEM platform. The move follows a February 10, 2026 circular that first permitted BDCs to purchase forex directly from the market via dealer banks of their choosing.
The central bank made clear it won't tolerate non-compliance. "Violations of the provisions of the circular and the attached guidance shall attract appropriate regulatory sanctions," it warned.
The announcement comes as the naira strengthens against the dollar for the second time this week. The currency closed at N1,381.53 per dollar on Thursday, extending gains made earlier in the trading week.
Market observers view the new guidelines as part of the CBN's broader push to stabilise the forex market and ensure consistent supply of dollars to retail traders who serve businesses and individuals needing foreign currency for legitimate transactions. The regulatory framework aims to prevent the chaotic trading patterns that had previously marked the BDC segment.
BDC operators now have clear rules on sourcing forex, pricing mechanisms and reporting requirements. The electronic portal removes friction from transactions and creates a paper trail the regulator can monitor.
Compliance deadlines are immediate, meaning all licensed operators must align their operations with the new rules right away or face potential penalties ranging from fines to suspension of their licenses.
