๐๐๐ก ๐๐ฝ๐ฝ๐ฟ๐ผ๐๐ฒ๐ $150,000 ๐ช๐ฒ๐ฒ๐ธ๐น๐ ๐๐ซ ๐ฆ๐ฎ๐น๐ฒ๐ ๐ง๐ผ ๐๐๐๐
The Central Bank of Nigeria has resumed foreign exchange sales to Bureau De Change operators, approving up to $150,000 weekly for each licensed BDC as part of efforts to improve liquidity and stabilise the countryโs forex market.
In a circular issued to operators, the apex bank said the intervention is aimed at easing pressure on the naira and ensuring that legitimate retail demands for foreign exchange are met through official channels. The CBN noted that the move forms part of broader reforms designed to enhance transparency, curb speculation and restore confidence in the FX market.
According to the directive, participating BDCs are expected to sell the allocated dollars to eligible customers at rates guided by market conditions, while maintaining proper documentation and compliance with anti-money-laundering regulations. The bank warned that any operator found violating the guidelines risks sanctions, including suspension from future allocations.
Industry stakeholders believe the policy could help narrow the gap between the official and parallel market exchange rates, although some analysts say sustained stability will depend on increased dollar inflows and consistent policy implementation.
The resumption of weekly FX sales comes amid ongoing economic reforms by monetary authorities to address currency volatility, attract investment and strengthen Nigeriaโs financial system.
