The Central Bank of Nigeria (CBN) has approved the sale of foreign exchange to licensed Bureau De Change (BDC) operators, allowing each BDC to purchase up to $150,000 per week, the bank said in a circular on Tuesday.

The circular was signed by Dr. Musa Nakorji, Director of the Trade and Exchange Department, and addressed to authorised dealer banks and the general public.

It said the directive permits all BDCs duly licensed by the apex bank to access foreign exchange from the Nigerian Foreign Exchange Market (NFEM) through any authorised dealer bank of their choice.

According to the circular, the approval is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting legitimate needs of end users. It said the move forms part of ongoing efforts to deepen efficiency in the FX market.

The directive sets a weekly cap of $150,000 per BDC operator on foreign exchange purchases. Licensed BDCs are required to comply with existing operational guidelines when utilising the FX they purchase.

The circular said authorised dealer banks must complete Know‑Your‑Customer (KYC) and due diligence checks on BDC clients before selling foreign exchange. It also directed that all licensed BDCs submit accurate electronic returns to the CBN in line with existing regulations.

Under the arrangement, any unutilised foreign exchange must be sold back to the market within 24 hours, and BDCs are prohibited from holding open FX positions purchased from the NFEM.

All transactions must be conducted through settlement accounts with licensed financial institutions.

The policy marks a shift in the apex bank’s approach to managing foreign exchange distribution. The circular said broader access for BDCs is intended to help ensure greater availability of foreign exchange for end‑user transactions.