The Central Bank of Nigeria (CBN) has issued new operational guidelines regulating the purchase of foreign exchange by Bureau De Change (BDC) operators from Authorised Dealer Banks as part of efforts to enhance transparency and strengthen oversight of the foreign exchange market.
The new framework, contained in a circular dated July 15, 2026, and issued by the CBN’s Trade and Exchange Department, introduces a mandatory electronic platform known as the FX BDC Purchase Tracker.
Under the guidelines, all licensed BDC operators are required to submit details of foreign exchange transactions on the platform in real time.
According to the apex bank, the measures are aimed at improving liquidity in the foreign exchange market, curbing market abuses and ensuring greater transparency in retail foreign exchange transactions.
The CBN stated that BDC operators are free to purchase foreign exchange from any Authorised Dealer Bank of their choice, while banks are prohibited from imposing exclusive dealing arrangements or charging referral fees.
The guidelines also require Authorised Dealer Banks to carry out strict Know-Your-Customer (KYC) and Enhanced Due Diligence checks before processing transactions.
In addition, each BDC is restricted to a weekly foreign exchange purchase limit of $150,000, with the electronic platform designed to detect and prevent attempts to exceed the threshold through transactions across multiple banks.
The CBN further directed that foreign exchange purchased by BDCs must be credited only to their registered settlement accounts, prohibiting third-party payments.
It added that any unutilised foreign exchange must be returned to the market within 24 hours after the expiration of the approved holding period.
Warning against non-compliance, the apex bank said operators found to have violated the guidelines would face regulatory sanctions, including fines, suspension or revocation of licences.
“Violations of these guidelines shall attract appropriate regulatory sanctions,” the circular signed by the Director of the Trade and Exchange Department, Aderinola Shonekan, stated.
The CBN added that banks found to bOe complicit in any breach risk losing their Authorised Dealer status, while compliance inspections would commence immediately to ensure full implementation of the new rules.
