CBN Moves Regulate BDC Operators With New FX Guidelines as Naira Appreciates in Black Market
- The Central Bank of Nigeria is set to unveil new guidelines for Bureau De Change operators this week
- This comes as the naira appreciated to N1,390 per dollar, reducing the exchange rate gap significantly
- The apex bank said the new operational framework aims to enhance transparency and improve foreign exchange accessibility
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria is set to release new operational guidelines for Bureau De Change operators this week, marking a major step in its renewed push to stabilise Nigeria’s foreign exchange market.
The move comes as the naira recorded a sharp appreciation in the parallel market, strengthening to N1,390 per dollar on Monday, February 16, 2026, further narrowing the exchange rate gap between the official and black market windows.
Source: Getty Images
CBN prepares framework for BDC participation
The president of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, confirmed that the long-awaited operational framework for licensed Bureau De Change operators will be unveiled within the week.
According to him, the guidelines will pave the way for the full commencement of foreign exchange trading activities by BDCs in the official market.
“The operationalisation guidelines will be released within the week for the takeoff of trading,” Gwadabe said, signalling that the apex bank is moving cautiously to ensure a smooth rollout.
Market analysts said the development is expected to restore structure and transparency to retail dollar sales, which the parallel market has largely dominated in recent months, according to a BusinessDay report.
Naira gains momentum in parallel market
The naira’s appreciation to N1,390 per dollar represents a significant gain compared to last week’s levels. More importantly, it has reduced the spread between the official and parallel markets by 2.5 per cent, equivalent to about N35.
Just days earlier, the gap stood at over 6 per cent, or roughly N92, highlighting the speed at which the disparity is narrowing.
Currency traders attribute the improvement to renewed confidence following regulatory clarity from the apex bank and expectations of improved dollar liquidity in the retail segment.
Reopening of official FX window to BDCs
On February 10, 2026, the Central Bank of Nigeria reopened access to the official foreign exchange market for licensed BDC operators.
The decision allows qualified BDCs to purchase foreign exchange directly from the Nigerian Foreign Exchange Market through authorised dealer banks at prevailing market rates.
Punch reports that the move is designed to boost dollar supply at the retail level, reduce speculative activities, and ease persistent pressure in the parallel market.
In a circular issued on February 10, the apex bank clarified that only duly licensed BDCs are eligible to participate, reinforcing its commitment to regulatory compliance and market discipline.
What the new guidelines could mean
Industry watchers expect the forthcoming guidelines to define trading limits, documentation requirements, compliance obligations, and reporting standards for BDC operators.
Clear operational rules are seen as essential in preventing arbitrage and ensuring that official market access translates into real liquidity improvements.
If effectively implemented, the framework could deepen confidence in Nigeria’s foreign exchange system, reduce volatility, and further compress the exchange rate gap.
Source: Getty Images
For businesses and individuals reliant on retail dollar transactions, the reforms may signal improved accessibility and more stable pricing in the weeks ahead.
With the naira already showing signs of recovery, market participants are closely watching the rollout of the new rules, which could determine whether the recent gains are sustained or merely temporary.
CBN sets dollar price for parallel market
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) announced a major shift in its foreign exchange policy, granting licensed bureaux de change (BDCs) renewed access to the official market as the gap between official and parallel market rates continues to widen.
Under the new directive, each licensed BDC is permitted to purchase up to $150,000 per week at prevailing market rates through authorised dealer banks. The move is aimed at boosting dollar liquidity in the retail segment and easing sustained pressure in the parallel market.
The decision was contained in a circular issued by the CBN’s Trade and Exchange Department and signed by its director, Musa Nakorji. It applies to all duly licensed BDC operators across the country.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
