CBN Unveils Electronic Portal, Tightens Rules For BDCs’ FX Purchases
The Central Bank of Nigeria has launched an electronic portal and updated regulations for Bureau De Change operators to access foreign exchange. These measures aim to increase transparency and liquidity in the retail currency market while enforcing stricter compliance standards.
Why it matters
Enhanced oversight of currency markets is critical for stabilizing Nigeria's economy and managing foreign exchange volatility.
The Central Bank of Nigeria (CBN) has introduced a new regulatory framework for the purchase of foreign exchange by Bureau De Change (BDC) operators through Authorised Dealer Banks in the Nigerian Foreign Exchange Market (NFEM), unveiling an electronic portal as part of efforts to enhance transparency, compliance and liquidity in the retail foreign exchange market.
The report provides a straightforward summary of a regulatory circular without editorializing.
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