Dollar to Naira Exchange: CBN issues fresh guidelines for BDCs on FX purchases, announces portal

The Central Bank of Nigeria, CBN, has issued fresh guidelines on how licensed Bureau de Change, BDC, operators can purchase foreign exchange.

The guidelines, signed by the CBN’s Director of the Trade and Exchange Department, Aderinola Shonekan, were issued in a circular dated July 15, 2026.

According to the apex bank, the guidelines provide regulatory guidance and operational modalities to facilitate the seamless implementation of the framework and support sustained liquidity in the retail segment of the foreign exchange market.

To facilitate the implementation of the guidelines, the CBN announced an electronic portal to enhance interaction between BDC operators and the Nigerian Foreign Exchange Market (NFEM).

The apex bank warned that failure to adhere strictly to the guidelines would attract sanctions.

“All authorized dealer banks and licensed Bureau de Change (BDC) operators are hereby informed that, further to the circular dated 10 February 2026 allowing BDCs to access foreign exchange from the Nigerian Foreign Exchange Market (NFEM) through authorized dealer banks of their choice, the CBN has issued detailed regulatory guidance and operational modalities to facilitate the seamless implementation of the framework and support sustained liquidity in the retail segment of the foreign exchange market.

“Accordingly, all authorized dealer banks and licensed BDCs are required to familiarise themselves with and comply strictly with the attached Regulatory Guidance and Modalities with immediate effect. The framework is intended to enhance transparency, efficiency, market liquidity and orderly participation in the retail segment of the NFEM.

“Please note that violations of the provisions of the circular and the attached guidance shall attract appropriate regulatory sanctions,” the CBN stated.

DAILY POST reports that the naira appreciated for the second time this week, closing at N1,381.53 per dollar on Thursday.