The Central Bank of Nigeria (CBN) has introduced a new set of rules to regulate how Bureau De Change (BDC) operators buy foreign exchange from Authorised Dealer Banks. The new framework is aimed at making the foreign exchange market more transparent, improving compliance with regulations, and ensuring better liquidity for retail forex transactions.
The new guidelines were announced in a circular dated July 15, 2026, and signed by the Director of the CBN’s Trade and Exchange Department, Aderinola Shonekan. The framework builds on an earlier directive issued on February 10, 2026, which allowed licensed BDC operators to access foreign exchange through Authorised Dealer Banks.
One of the major changes introduced is the creation of an electronic portal that will improve communication between BDC operators and banks. The portal will also help the CBN monitor foreign exchange purchases in real time and strengthen oversight of the market.
According to the CBN, only BDC operators with valid licences will be allowed to buy foreign exchange under the new arrangement. Operators whose licences have been suspended or who are under regulatory sanctions will not have access until those restrictions are removed.
The new framework also places more responsibility on Authorised Dealer Banks. Before selling foreign exchange to any BDC, banks must carry out proper Know Your Customer (KYC) and Customer Due Diligence (CDD) checks. They are expected to keep important business documents, perform extra checks on high-risk operators, and update customer records every year or whenever there are major changes.
The CBN stressed that banks must not release foreign exchange to any BDC that fails to meet these compliance requirements.
To improve transparency, the apex bank has introduced a central Foreign Exchange BDC Purchase Tracker (FXBT). Through this system, all licensed BDCs will register and submit details of their foreign exchange purchases either in real time or on the same day the transactions take place.
The CBN also made it clear that BDC operators are free to choose any Authorised Dealer Bank for their foreign exchange purchases. Banks are not allowed to force BDCs to use only one bank or charge referral fees that could limit their freedom of choice.
Under the new rules, banks must respond to forex purchase requests within two business hours. If a request is rejected, the bank must clearly explain why. Reasons may include incomplete KYC documents, reaching the weekly purchase limit of 150,000 dollars, unresolved compliance issues, or internal risk concerns.
The regulator also directed that all foreign exchange transactions must be carried out through accounts held with licensed financial institutions. Third-party transactions are strictly prohibited, and foreign exchange bought by a BDC can only be paid into its registered settlement account. Any transfer to another account will be treated as a violation of CBN regulations.
In addition, BDC operators are no longer allowed to keep unused foreign exchange purchased through the Nigerian Foreign Exchange Market. Any unused funds must be sold back into the market within 24 hours after the approved usage period ends. Failure to do so could lead to penalties, including loss of the unused funds and suspension from the forex market.
The CBN warned that operators who fail to follow the new guidelines could face fines, suspension of market access, withdrawal of their licences, or even referral to law enforcement agencies where criminal activities are suspected. Banks found to have supported violations may also lose their Authorised Dealer status.
The apex bank said the new framework takes immediate effect, urging all licensed BDCs and Authorised Dealer Banks to fully comply with the updated rules to support a more transparent and efficient foreign exchange market.
