Nigeria’s central bank has released new rules governing how licensed bureaux de change can buy foreign exchange, aiming to tighten compliance while improving liquidity in the retail segment of the FX market. The Central Bank of Nigeria (CBN) said the updated framework is intended to make implementation smoother and more transparent as BDCs continue operating through the Nigerian Foreign Exchange Market (NFEM).
Key takeaways
- The CBN issued a circular on July 15, 2026 outlining regulatory guidance and operating procedures for licensed BDCs’ foreign exchange purchases.
- The guidance was signed by Aderinola Shonekan, the Director of the Trade and Exchange Department.
- The central bank plans to support adoption through an electronic portal connecting BDC operators with the NFEM.
- Authorized banks and licensed bureaux de change are required to comply immediately, with regulatory sanctions for breaches.
- DAILY POST reported the naira strengthened again this week, ending Thursday at 1,381.53 per US dollar.
CBN issues updated FX purchase framework for bureaux de change
In the circular dated July 15, 2026, the CBN said the document delivers regulatory direction and detailed operational modalities for licensed Bureau de Change (BDC) operators. The central bank framed the move as a way to ensure the framework is implemented consistently, while also supporting sustained liquidity in the retail part of the foreign exchange market.
To help bring the rules into practice, the CBN announced the launch of an electronic portal designed to improve interaction between BDC operators and the Nigerian Foreign Exchange Market (NFEM). The central bank’s objective, it said, is to strengthen coordination between market participants as BDCs carry out retail FX transactions.
The CBN also warned that non-compliance would trigger sanctions. It said authorized dealer banks and licensed BDCs must review the attached regulatory guidance and modalities and follow them strictly, starting immediately.
The central bank linked the circular to a prior directive issued on February 10, 2026, which allowed BDCs to access foreign exchange from the NFEM through authorized dealer banks of their choice. Under the updated approach, the CBN described the framework as a mechanism to promote transparency, raise operational efficiency, improve market liquidity, and support orderly participation in the retail segment of the FX market.
In its warning, the CBN stated that any breaches of the earlier circular’s requirements or of the provisions in the attached guidance would lead to appropriate regulatory enforcement actions.
Naira strengthens as new rules land
As the CBN released the fresh guidance, reporting indicated the naira appreciated for the second time during the week. The currency reportedly closed at 1,381.53 naira per US dollar on Thursday, reflecting ongoing market movement as policy implementation continues.
