A circular published on Wednesday 11 February 2026, signed by the director of the Department of Trade and Foreign Exchange, Dr. Musa Nakorji, announces that the Central Bank of Nigeria (CBN) has approved the participation of authorized exchange office operators (BDC) on the Nigerian foreign exchange market (NFEM).

Approval of the participation of operators of BDC is part of efforts to improve the liquidity of foreign currencies in the retail segment of the market. According to the document, the CBN had also approved that the weekly currency purchases by each currency exchange offices are capped at $150,000 and that their use be in accordance with the existing operational guidelines of exchange offices.

“All exchange offices duly authorized by the Central Bank of Nigeria are authorized to access foreign currencies by the intermediary of any authorized bank of their choice, at market rates in vigor.” indicates the note.

According to the director, “this measure is aimed at improve market efficiency and ensure wider access to currencies foreigners in the whole economy.”

However, the CBN imposed strict conditions compliance and risk management for these transactions.

In order to increase transparency and responsibility, the central bank ordered all authorized BDCs to submit accurate and timely electronic declarations, in accordance with the regulations in force.

It was added: “Any foreign currency no used must be resold on the market within 24 hours, because BDCs have not not allowed to hold foreign exchange positions purchased from the NFEM