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 apex bank, in a circular dated July 15, 2026 and signed by the director of its Trade and Exchange Department, Aderinola Shonekan, said the framework follows its earlier February 10, 2026 circular granting licensed BDCs access to foreign exchange through Authorised Dealer Banks.
The latest circular provides detailed regulatory and operational modalities to facilitate seamless implementation of the framework while supporting sustained liquidity in the retail segment of the foreign exchange market.
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