Central Bank of Nigeria (CBN) has issued detailed regulatory guidance and operational modalities to Bureau de Change Operators (BDCs) to facilitate seamless implementation of its earlier directive to BDCs to purchase foreign exchange (forex) from the Nigerian Foreign Exchange Market (NFEM).
The guidance which is a follow-up to the apex bank’s circular dated 10 February, 2026, is intended to support sustained liquidity in the retail segment of the foreign exchange market.
The new guidance announces the implementation of the NFEM electronic portal to facilitate interaction between BDCs and the NFEM.
It outlines the eligibility requirements for participating BDCs, purchase request procedures, confirmation and settlement processes, reporting obligations, weekly purchase limits, treatment of utilized balances, and compliance responsibilities of authorised dealer banks and BDC operators, among others.
In a circular signed by the CBN Director, Trade and Exchange Department, Aderinola Shonekan, all authorised 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 framework is intended to enhance transparency, efficiency, market liquidity, and orderly participation in the retail segment of the NFEM.
The CBN warned BDCs that violations of the provisions of the circular and the attached guidance shall attract appropriate regulatory sanctions.
The guidance specifically cautions that only banks and BDCs with valid CBN licences shall be entitled to access forex from the NFEM window.
It added that BDCs under regulatory sanction, whose licence are suspended, or whose operating conditions have been restricted by the apex bank, are excluded from participation in the NFEM until such restrictions are lifted.
The CBN harped that participating BDCs and dealer banks must comply fully with the traditional know-your-customer requirements and perform due diligence on their clients in line with extant CBN regulations.