The Central Bank of Nigeria (CBN) has issued operational guidelines for bureau de change (BDC) operators purchasing foreign exchange (FX) from authorised dealer banks, introducing stricter compliance requirements and an electronic transaction portal.
In a circular dated July 15 and signed by Aderinola Shonekan, director of the trade and exchange department, the apex bank said the framework takes immediate effect.
The CBN said the guidelines provide the operational modalities for the implementation of its February 10, 2026, circular, which granted BDCs access to the official FX market through authorised dealer banks.
“The Guidance announces the implementation of the electronic portal to facilitate the interaction between BDCs and the NFEM and outlines, among others, the eligibility requirements for participating BDCs, purchase request procedures, confirmation and settlement processes, reporting obligations, weekly purchase limits, treatment of unutilized balances, and compliance responsibilities of Authorised Dealer Banks and BDC operators,” the circular
