The Central Bank of Nigeria has issued new regulatory guidance requiring Bureau De Change operators to offload any unused foreign exchange purchased through the Nigerian Foreign Exchange market within one day of the utilization period ending. Any failure to meet this deadline will trigger penalties, such as the seizure of remaining funds or a temporary ban from accessing the market.
BDCs are now required to report any leftover balances from previous weeks whenever they submit a new request for foreign exchange. Authorized dealer banks must account for these amounts when setting weekly purchasing limits. Furthermore, the central bank has strictly forbidden third-party transactions; all acquired currency must be deposited solely into the registered settlement account of the specific BDC.
Only operators with active, valid licenses are permitted to participate in this framework, while those currently facing regulatory restrictions or suspensions remain ineligible. To ensure oversight, the CBN is implementing the FX BDC Purchase Tracker, a portal where operators must provide real-time data on their activities. The apex bank also cautioned that dealer banks must not force exclusivity or referral fees on BDCs, emphasizing that all rules are designed to bolster retail market liquidity.
